Bitcoin Surges 0.77% to $111,058.56 as Bull Market Looms

Bitcoin has been trading above $111,000, with analysts suggesting that there is no visible resistance on the chart, indicating a potential start of a new bull market. The cryptocurrency touched $112,000 earlier in the session and has since maintained a steady price above $111,000. This strong market momentum and rising investor participation could confirm the beginning of a sustained bull market if the price moves beyond the next level this week.

At the time of writing, Bitcoin is priced at $111,058.56, reflecting a 0.77% increase over the past 24 hours. The asset has remained above $110,000 for most of the trading session, with the 24-hour range stretching from $109,430 to $112,000. This steady movement indicates strong support from market participants. Data shows Bitcoin’s market capitalization at $2.19 trillion, while the fully diluted valuation is $2.33 trillion. Trading volume surged 35.51% to reach $59.57 billion, showing increased interest and activity across the market. The volume-to-market cap ratio of 2.7% also signals active trading conditions.

According to an analysis, BTC has no resistance and stands in a strong position to begin a bull market. The price holds above key moving averages, and continued upward movement may confirm a broader bullish cycle forming. This week holds importance for Bitcoin’s trajectory, as a move beyond the next price level could signal the start of a new bull market.

On-chain metrics and derivatives also support the bullish structure. Data indicates that 100% of Bitcoin holders are in profit, and 76% of addresses have held BTC for over one year. The supply in circulation stands at 19.89 million, nearing the 21 million maximum, with all mined coins actively circulating. Additionally, $211.46 million in short liquidations occurred over 24 hours, while open interest climbed to $78.75 billion. Options trading volume increased 69.50% to $5.06 billion, and long positions slightly outnumber shorts. Market data continues to support the idea that Bitcoin is in a strong position to enter a new bullish phase if momentum persists.

Analysts are optimistic about Bitcoin's prospects, suggesting that there is no significant resistance standing in the way of a new all-time high. This optimism is fueled by increased institutional demand and a growing acceptance of cryptocurrencies as a legitimate asset class. However, it is important to note that Bitcoin's price is still subject to volatility, and investors should be prepared for the possibility of price fluctuations. While the current outlook is positive, there is always the risk of a market correction or other unforeseen events that could impact Bitcoin's price. As such, investors should approach the cryptocurrency market with caution and conduct thorough research before making any investment decisions.