Bitcoin Surges 0.3% to $107,375 as Altcoins Gain 1% to 4%

Bitcoin has been trading at $107,375, marking a 0.3% increase over the past 24 hours. This stability in the crypto market has been accompanied by modest gains in altcoins such as XRP, BNB, Solana, Dogecoin, SUI, and Cardano, which have seen increases ranging from 1% to 4%.

Analyst Michaël van de Poppe has highlighted that Bitcoin is exhibiting a highly bullish setup, which could potentially lead to new all-time highs as early as this week. According to van de Poppe, Bitcoin recently cleared liquidity above $108,000 and has since pulled back, consolidating just below a major resistance level. He identifies $110,500 as the crucial breakout level. If Bitcoin manages to surpass this threshold, it could accelerate towards new all-time highs, similar to the previous breakout above $106,500.

On the downside, van de Poppe points to $105,500–$104,000 as strong dip-buying zones, with deeper support around $98,500–$100,000. A shakeout into these areas could lead to a bullish rebound, similar to the setup observed last week. Van de Poppe's analysis suggests that if Bitcoin successfully breaks through the resistance level at $108,900, it could trigger a rapid increase in the prices of altcoins, a phenomenon known as a short squeeze. This occurs when short sellers are forced to cover their positions, driving up the prices of these alternative cryptocurrencies. According to van de Poppe, altcoins are poised for a substantial upward move, and if Bitcoin continues its rally, altcoins are likely to outperform, experiencing accelerated price action due to widespread short squeezes.

Despite the recent slowdown in Bitcoin's momentum, analysts maintain that the bull market is far from over. The MVRV ratio, currently at 2.2, is well below peak levels, indicating there is still room for growth. A rise in MVRV momentum, combined with strong ETF inflows, could push Bitcoin beyond $112,000, with some analysts even eyeing $165,000. However, Bitcoin's next significant move hinges on breaking through the resistance between $108,000 and $110,000. Analyst AlphaBTC notes that it will require serious momentum to flip this zone into support.

Analyst Scott Melker observes that Bitcoin has shown resilience despite short-term volatility and macro uncertainty. He attributes this stability to strong underlying demand, particularly from institutions. Over the past 12 days, spot Bitcoin ETFs have recorded net inflows of $4 billion, underscoring robust investor confidence. Despite global tensions, Bitcoin's upward trajectory remains intact. Van de Poppe also mentioned that the current market conditions are normal and that a small pullback is not a reason to worry. He further stated that the consolidation phase is typical before a big breakout and that the price could accelerate if it breaks below $104,500. This analysis aligns with his previous statements, reinforcing his bullish stance on Bitcoin's potential to hit new all-time highs.