Bitcoin Surges 10% In A Week, Hits $108,358, But Faces Short-Term Exhaustion

Bitcoin has recently experienced a notable surge, rising from $98,240 to a recent peak of $108,358, indicating a strong medium-term uptrend. However, the pace of this increase has started to slow down, hinting at potential short-term exhaustion. This deceleration raises the question of whether the cryptocurrency is poised for a retest of lower levels.

Over the past week, Bitcoin has seen a climb of over 3%, showing robust support from market participants. This upward momentum has been driven by easing geopolitical tensions and growing institutional interest. The cryptocurrency briefly surpassed the $108,000 mark, further reinforcing its bullish outlook. Analysts predict that if this trend persists, a retest of the $110,000 level is likely in the near future.

The recent price movements on the 4-hour chart reveal that Bitcoin has been trading in a wave-like pattern, which is characteristic of market fluctuations. According to analysts, Bitcoin is expected to retrace to around $102,600 to fill the Fair Value Gap (FVG). This retracement would offer a healthy correction before the next upward movement, aligning with the overall bullish sentiment.

The current price of Bitcoin in British Pound Sterling (GBP) is approximately £78,030.71, reflecting a 1.5% decline from the previous day. Despite this minor dip, the value of Bitcoin remains 0.1% higher compared to its value a week ago. This indicates that while there may be short-term fluctuations, the overall trend remains positive.

In summary, while Bitcoin's recent price action suggests short-term exhaustion, the underlying fundamentals and market sentiment remain bullish. A retest of lower levels could present a buying opportunity for investors, potentially setting the stage for another leg up towards the $110,000 mark. As always, investors should remain cautious and closely monitor market developments.