- Bitcoin’s strong bullish momentum, rising open interest, and supportive technical patterns pointing to a likely retest of the $110,000 mark.
- Given current volatility levels and investor sentiment, a new all-time high could be achieved as early as today.
The crypto titan, Bitcoin, is slowly edging closer to its all-time high of $110,000. According to data from coinmarketcap, BTC is swapping hands with $106,545.55 after a 1.65% surge in the past 24 hours.
This price is just approximately 3.14% far from Bitcoin’s all-time high. This has left investors and market watchers at the edge of seats wondering if Bitcoin will break the record and surpass $110,000 today.
It goes without saying that Bitcoin has set a bullish precedence. BTC has climbed 2.49% in the past week, driving its market cap to an impressive $2.1 trillion. The 24-hour trading volume has also remained strong at around $55.01B.
Supporting this bullish outlook is Bitcoin’s current market structure, which displays a clear pattern of higher lows since its swing low of $73,000 in April. This upward trajectory suggests strong bullish momentum and a likely continuation of the trend toward a new ATH.
On the hourly chart, a critical demand zone between $102,500 and $105,000 has held firm. Yesterday’s correction dipped into this zone and triggered renewed buying pressure, propelling BTC to the $107,950 local high.
Open interest data further confirms rising optimism. Nearly 7,000 BTC, worth approximately $740 million, has been added to open interest since BTC’s intraday low of $102,000. This influx of capital highlights growing investor confidence and a strong willingness to buy the dips.
From a volatility perspective, the 30-day Implied Volatility (IV) for Bitcoin, as measured by Volmex (BVIV), stands at 49.23%. This translates to a daily price swing of roughly 2.57%. Applying this to the current BTC price suggests potential intraday highs near $109,123 and lows around $103,676.
Given how close Bitcoin is to its ATH, this range makes a push to $110,000 well within reach, possibly even today.
However, while Bitcoin charges ahead, altcoins appear to be losing steam. This shift in momentum may funnel more capital into BTC, further amplifying its chances of breaching the $110K level.
All technical and market indicators point to a highly bullish environment for Bitcoin. Whether it happens today or in the coming days, a retest of the $110,000 ATH appears imminent. If the momentum holds, Bitcoin could not only reclaim its previous record, it might also set new all-time highs that redefine the crypto market’s trajectory.