- Bitcoin (BTC) is trading at $104,200, up 1.00% at a market capitalization of 2.06T.
- Support is $102,000. Breakouts over $105,000 could cover $107.5K.
Bitcoin (BTC) temporarily regained its $104,000 threshold today, recording a modest 1.00% increase. At the time of writing, BTC traded at $104,200.09, securing a market capitalization of $2.06 trillion. This reflects a 0.73% increase in tandem, which has seen a massive surge in trading volumes, which is now a total of $47.02 billion, up nearly 20%.
The full dilution rating of Bitcoin is $2.18 trillion, but the circular supply reaches 19.86 million coins and is trapped in 21 million caps. The market cap ratio of 2.32% to market cap indicates a significant increase in trading activity compared to valuation.
Will BTC increase even more rapidly?
After a short integration phase, Bitcoin price action has regained bullish momentum. A clear breakout has boosted assets past both the nine-period and 21-period moving averages. These moving averages are currently resting at $103,832.21 and $102,847.27, respectively.
Currently, the relative strength index (RSI) reads 63.84, just below the key 70 threshold. Its smooth average aligns exactly at 70.00, indicating that the assembly may have been shyly cooled down over-bought conditions. If RSI rises again, it could rekindle buyers’ profits. Conversely, slides below 60 can induce sales pressure.
Support is close to $102,000, when the 21st quarter moving average converges with previous consolidation. A breakdown below this level could potentially send BTC below the $100,000 psychological threshold. However, the current resistance of around $105,000 has increased further profits. If this ceiling is compromised, BTC is aiming for $107,500, perhaps $110,000.
Chaikin Money Flow (CMF) reveals a positive bias and indicates a continuation of capital inflows into Bitcoin. Although not extremely high, it confirms that its position is at the root of a bullish interest in assets.
Moving average crossovers act as important technical signals. The upward intersection of the long-term short-term average reflects the control of growing buyers. Historically, this pattern coincides with intermediate meetings.
