Bitcoin Hits New All-Time High of $111,980 Amid Bullish Market Trend

Bitcoin (BTC) reached a new all-time high (ATH) of $111,980 on a major crypto exchange, indicating a strong bullish trend. Technical data suggests that buyers are currently dominating the market, which could lead to further price appreciation in the near term.

According to a recent analysis by crypto analyst ibrahimcosar, buyers are dominating the BTC spot market. The Bitcoin Spot Taker Cumulative Volume Delta (CVD) has shifted back into green territory, indicating that aggressive buyers are dominating the market. This shift suggests potential bullish momentum for Bitcoin.

The Bitcoin Spot Taker CVD measures the difference between taker buy and taker sell volumes on spot exchanges over time. A rising Spot Taker CVD indicates that aggressive buyers are dominating the market, signaling potential bullish momentum. The fact that BTC’s Spot Taker CVD has turned green while the asset is setting fresh ATHs makes this trend especially noteworthy. It indicates that buyers are willing to accumulate BTC even at historically high prices, likely in anticipation of continued upside.

However, recent price action might temporarily interrupt BTC’s momentum. Crypto analyst Ali Martinez suggested that BTC could soon break down from its current range of $110,400 to $111,100. This potential breakdown could temporarily halt the bullish momentum, but the overall trend remains positive.

Typically, BTC hitting a new ATH is usually met with wider market euphoria, leading to a sharp price decline that catches most investors off-guard. However, experts opine that the current rally is different from previous cycles. Recent analysis suggests that new and short-term BTC investors are sitting on substantial unrealized profits and not showing any signs of panic selling amid the cryptocurrency’s price surge to new highs.

Similarly, whale reaction to BTC’s bullish price trajectory has been mixed. While new whales have been taking major profits during the ongoing rally, old whales have resisted selling their holdings, showing minimal selling activity. This behavior reinforces the idea that the current rally is more organic and less driven by speculation than those in the past.

Finally, the neutral funding rates in the BTC futures market reinforce the idea that the current rally is more organic and less driven by speculation than those in the past. At the time of reporting, BTC trades at $108,553, down 2.6% in the past 24 hours. This slight decline does not significantly impact the overall bullish trend, as buyers continue to dominate the market.