Bitcoin Surges 10% to $110,000 on ETF Inflows

Bitcoin has surged past the $110,000 mark, reaching its highest level since June 11. This significant milestone was driven by substantial inflows into U.S.-listed spot ETFs, which have been a key factor in the cryptocurrency's recent price movements. The surge in Bitcoin's value has been notable, as it has consistently faced resistance at the $110,000 level. The lack of sustained momentum above this threshold and recent profit-taking activities have highlighted the need for continued bullish pressure to maintain this level.

Despite the challenges, analysts have noted that if Bitcoin can decisively break above $110,000, its next target could be as high as $130,000. This optimistic outlook is supported by the fact that Bitcoin's current all-time high stands at $111,814, indicating that there is still room for growth. However, the recent drop in whale supply to its lowest point since 2019 suggests that there has been a wave of profit-taking, which could potentially slow down the upward momentum.

Bitcoin's price has been fluctuating, with an intraday high of $109,763.65 before profit-taking dragged it back to the $108,000 region. This volatility reflects the ongoing consolidation between $100,000 and $110,000 as traders await a risk-on catalyst. Technical indicators point to solid support near the $100,000 mark, which could provide a safety net in case of further price corrections.

The recent surge in Bitcoin's price has also been accompanied by gains in other major cryptocurrencies, such as Ethereum and Dogecoin. This broader market rally is likely driven by the increasing interest in cryptocurrencies as an asset class, as well as the growing institutional adoption. Staying above the $106,000 level for several days could lead to a new rise in price, with potential targets around $113,000 and even $120,000. The next significant resistance level for Bitcoin is expected to be around $120,000, which could be a key milestone in its continued ascent.