Bitcoin Price Hits $109K All-Time High: Is This the Start of a New Bull Run?
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Bitcoin (BTC) has just crossed a major milestone, closing last week above $101k and surging by over 3.3% in the last 24 hours to reach a new all-time high (ATH) of around $109,114. This sharp rise signals the start of a fresh parabolic rally, fueled by rising demand from institutional investors—and soon, potentially nation-states.
Let’s dive in and explore the factors behind this rally and what’s likely to happen in the coming days.
Massive Liquidations in the MarketBitcoin’s rapid price increase after retesting the $100k support level triggered massive liquidations in the leveraged market. In just 24 hours, more than $264 million worth of BTC was liquidated, mainly from long positions. The altcoin market experienced similar volatility, leading to $1.25 billion in forced liquidations, with $911 million coming from long traders.
Institutional Investors Boost Bitcoin’s RallyBitcoin’s strong rally is supported by institutional investors who are looking to hedge against global inflation and ongoing economic uncertainty. US spot Bitcoin ETFs, in particular, have seen massive growth in net cash inflows since the beginning of the year.
According to the latest market data, US spot BTC ETFs have seen more than $1.5 billion in net cash inflows year-to-date. As a result, these ETFs now have a total of $38 billion in net inflows and hold a combined $120.95 billion in assets.
Bitcoin’s Technical Outlook: What’s Next?