Bitcoin price is up 4% in the last 24 hours moving back above $106,000 as the broader market euphoria revives following Donald Trump’s inauguration and a large number of ETF filings. As BTC attempts a breakout from the $101-$106K range high, analysts are hopeful of a new all-time high coming soon. Furthermore, on-chain data shows strong whale accumulation and network activity.
Bitcoin Price Eyes New All-Time High
This week has been volatile for Bitcoin as the BTC price swung from the weekly lows of $96,703 all the way to its all-time high of $109,114. With today’s gains, Bitcoin price is making yet another attempt to hit fresh highs, as market leaders like MicroStrategy continue to accumulate.
Bitcoin is consolidating within the $101K-$106K range as it prepares for a potential breakout, according to insights from analyst Rekt Capital.
As per the above image, the confluent support zone, identified as a critical level for BTC, has provided a floor for the cryptocurrency to stabilize and gain momentum. As of now, Bitcoin price is challenging the upper limit of the range at $106K, signaling a possible move toward new all-time highs.
Rekt Capital highlighted the importance of a daily close above the $106K resistance, followed by a post-breakout retest, as key indicators of a historic rally. Another Bitcoin model also predicts that the BTC bull run is just half complete at the moment.
Key On-Chain Indicators To Support the BTC Rally
The recent Bitcoin rally comes along with strong whale accumulation as well as a surge in network activity. Prominent crypto analyst Ali Martinez reports that Bitcoin whales have acquired more than 22,000 BTC, valued at over $2.24 billion, recently.
Furthermore, the analyst also highlighted a notable uptick in Bitcoin network activity. Key metrics, including daily active addresses and whale transactions, have shown simultaneous increases, reflecting heightened engagement across the network. As per Martinez, this sets a bullish outlook for Bitcoin price rally to continue.
What Happens If BTC Faces Rejection At $106K?
Taking a contra bet, analyst Justin Bennet has expressed skepticism about Bitcoin’s recent surge, suggesting it may lose momentum following the Trump inauguration. In a post on the X platform, Bennet wrote: “Bitcoin pumped into the Trump inauguration, so there’s a good chance the rally fades from here.”
The analyst stated that he’s holding a short position for BTC at the current price levels. Highlighting Bitcoin’s current market structure, Bennett described the cryptocurrency as “range-bound until proven otherwise” and pointed to the January 13th lower wick as a potential target for a retest. This means that the Bitcoin price could retrace back under $92,000 as per the below chart.
The post Will Bitcoin Price Hit Fresh All-Time High Today? Key Factors To Watch appeared first on CoinGape.
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