Bitcoin Surges 1.95% to $105,000 on ETF Interest

Bitcoin has recently surpassed the $105,000 mark, marking a significant milestone in its price trajectory. According to market data, the cryptocurrency experienced a 24-hour price change of 1.95%, pushing its value above this key resistance level. This breakout has been anticipated by many traders and analysts, who have been closely monitoring the cryptocurrency's price movements in recent weeks.

The recent price surge has been driven by a combination of factors, including growing interest in Bitcoin ETFs and a strong recovery from the April lows. The weekly chart for Bitcoin shows a consolidation phase just below the $105,000 resistance zone, with the cryptocurrency now breaking through this barrier. This breakout has been marked by strong buying volume and bullish market sentiment, potentially paving the way for a sustained rally.

However, the market remains cautious, with traders and analysts closely monitoring the situation for any signs of a potential deeper correction. Some analysts predict that if Bitcoin successfully breaks through the $105,000 resistance level, it could see a sustained rally, potentially targeting levels as high as $120,000 to $135,000 in the short term. This optimism is tempered by the reality that Bitcoin's price has been consolidating just below the key resistance zone, with no clear catalyst to drive a breakout.

The recent surge in Bitcoin ETF inflows has further fueled speculation about the cryptocurrency's potential to break above $105,000. This influx of capital has pushed the price towards $104,000, adding to the belief that a breakout could pave the way for a sustained rally. However, the market remains cautious, with traders and analysts closely monitoring the situation for any signs of a potential breakout or deeper correction.

Despite the bullish signals, Bitcoin has struggled to maintain its momentum, with the price remaining locked in a narrow range under $105,000. The strong support around $100,000 has provided a safety net, preventing the price from falling further. However, the inability to sustain a breakout above $105,000 has left the market in a state of uncertainty.

The recent price movements have been characterized by sharp fluctuations, with Bitcoin's value oscillating within a narrow range. Despite these movements, the cryptocurrency has struggled to maintain momentum above $105,000. This resistance level has been a focal point for traders and analysts, who are closely monitoring the situation for any signs of a potential breakout.

The growing interest in Bitcoin ETFs has added to the speculation surrounding the cryptocurrency's future price movements. If Bitcoin successfully breaks through the $105,000 resistance level, it could see a sustained rally. This breakout would be driven by strong buying volume and bullish market sentiment, potentially pushing the price towards higher levels. However, there are also warnings that if Bitcoin fails to break above $105,000, it could face a deeper correction.