- Bitcoin recovered $110K before settling at $109,039.59, up 1.27% in 24 hours.
- The market capitalization rose to 2.16T, with 24-hour trading volume reaching $4.764 billion.
Bitcoin today regained the ground and climbed its daytime peak at $110,376.88. Despite dipping into $107,214.15 over the past 24 hours, the asset is currently trading at $109,039.59. Daily performance shows a 1.27% rise, reflecting the trust of the new market.
Furthermore, Bitcoin’s market capitalization has skyrocketed to $2.16 trillion, but its fully diluted valuation is now at $2.28 trillion. The 24-hour trading volume was $47.6 billion, with market-to-market cap ratio reaching 2.15%, highlighting aggressive turnover and increased liquidity.
In parallel, Bitcoin’s circular supply is stable at 1987 million BTC, approaching the largest supply cap of 21 million. This constraint continues to promote a long-term rarity narrative. Prices will recover, but technical conditions provide a mixed but clear outlook.
Does Bitcoin’s tight range trigger a new rally?
According to the price list, current support is $108,571, as seen from the 21st quarter moving average. If BTC violates this level, the next floor could drop to $107,200. Conversely, resistance formed at $110,422. If the price clears that mark, it could quickly retest the $112,000 region.
However, emotions remain cautiously neutral. The 14-day relative intensity index reads at 51.59, which is roughly consistent with an average of 51.62. Both values hover near the equilibrium zone. Importantly, RSIs do not fall into territory that has been over-bought or sold, suggesting there is no extreme sentiment.
The moving averages for the nine and 21st periods converge at around $108,816 and $108,571, respectively. Their tough spreads mean consolidation, but it also suggests possible directions in the near future. A bullish crossover can be a fresh upside down. On the contrary, shorter average drops below the longer ones could increase short-term sales pressure.
Overall, Bitcoin shows the short-term strength it supports based on tough supply and strong trading activities. Nevertheless, neutral RSI, flat CMF, and converging moving averages suggest caution. A break above $110,422 could rekindle bullish momentum. Conversely, slips below $108,571 could trigger the downside towards $107,200.
