- Bitcoin made a new all-time high of $112,152, triggering bullish confirmation across key indicators.
- Retail exit and negative sentiment helped fuel the smart money-led rally.
- Indicators suggest the uptrend could extend toward the $115K–$118K zone.
Bitcoin’s surge to an all-time high of $112,152 has flipped the market narrative. Just days ago, most retail traders had stepped back, driven by disbelief or sheer boredom.
As per Santiment data, this retreat paved the way for a swift upward breakout, a process typical for crypto cycles. As panic traders sold out, astute money gradually bought in.
The most recent action reinforced this historical trend. Bitcoin surged 1.73% during the session to $110,822, blasting through the $110,000 barrier. Positive daily candles supported this thrust, showing robust market belief.
Aiding this movement, CoinGlass statistics recorded a 42.81% surge in trading volume, currently standing at $87.45 billion. Open interest also came in with a 4.83% increase to $77.42 billion, with options statistics also increasing.
IntoTheBlock registered further bullish signs. All Bitcoin investors are now in profit, and 76% are holding for more than 12 months, a great indicator of belief.
A 7-day trading volume of $120.01 billion, led slightly by Western entities, also indicates institutional presence. Negative netflows of $296.26 million are indicative of more Bitcoin exiting exchanges, which is typical for long-term holding patterns.
Also Read: Bitcoin Set to Rise: The Dollar’s Decline May Unlock Major Growth
Technical Indicators Support Uptrend
BTC’s breakthrough is supported by robust technicals. The price has remained above key moving averages: the 20-day EMA at $107,738 and the 50-day EMA at $105,532, according to Tradingview.
This cements a bullish short-to-mid-term trend. Meanwhile, 100-day and 200-day EMAs at $101,721 and $95,810 keep advancing, which highlights broader market strength.
There are clear bullish impulses in the MACD indicator. There was a crossover above the zero line; here the MACD line crossed above the signal line when it traveled to 255.23 above 837.09. Such a setup often portends multi-day runs. The histogram also went bullish, showing that the rally has just begun.
The RSI stands at 61.46. It has not entered into the overbought range, which begins above 70. This leaves potential for more upside before moderation is needed. Higher lows for the RSI since June indicate growing strength on the part of buyers.
Bitcoin Targets $115K–$118K After Confirmed Breakout
Now that the breakout has been confirmed, Bitcoin’s immediate target moves towards the $115,000 to $118,000 area. It will be the next key resistance area to monitor.
Support is now at the breakout area between $108,000 and $110,000. Below that, the 20-day EMA at $107,738 serves as the next defense point for bulls.
Unless Bitcoin dips through the 50-day EMA, however, the bigger picture structure remains bullish. As FOMO sets in again and more participants are drawn to the rally, network statistics ought to register a surge in holders. If that occurs, Bitcoin should maintain its pace toward new highs before any substantial correction emerges.
Also Read: Bitcoin Price Resistance $110K Faces Retest Amid Bullish Momentum
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
