Bitcoin surged past $114,000 due to easing resistance levels, rising institutional interest, and favorable U.S. economic indicators, according to crypto market analyst Rekt Capital.
The price uptick signals extended bull cycles, potentially impacting related cryptocurrencies like ETH and stablecoins, while market sentiment turns bullish amid historic cycle extensions.
Bitcoin continues its upward trajectory as it surges past $114,000, driven by weakening resistance levels, increasing institutional demand, and favorable macroeconomic factors.
As Bitcoin breaches the $114,000 mark, analysts and investors are keenly watching for signs of continued bullish momentum and the potential impacts of institutional engagement.
Bitcoin Breaks Past $114,000 Amid Weak Resistance
The recent breakout of Bitcoin over $114,000 is attributed to weakening historical resistance levels. This surge is supported by a strong demand from institutional investors. Positive U.S. macroeconomic data further contributed to this upswing.
Prominent analysts such as Rekt Capital identified $113k as a critical point. Their analysis shows cyclical trends becoming prolongated.
Institutional Demand Fuels Bullish Crypto Sentiment
The rapid price increase has spurred bullish sentiment across crypto communities. Institutional interest is heightened by increased ETF flows, adding significant liquidity to the market. Key analysts predict prolonged bullish cycles.
Rekt Capital, Analyst, โ โEach rejection from $113k (red) has yielded shallower and shallower pullbacksโฆ It has taken some time but it is increasingly looking like $113k is weakening as a point of rejection.โ
Historical trends suggest further potential gains with the next resistance at $114,700โ$115,000. Positive Producer Price Index data bolsters confidence in risk assets, potentially triggering further market increases.
Past Bull Markets Suggest Lengthening Cycles
Past bull markets show shorter cycles ending with notable peaks, such as in 2021. Current trends suggest extended cycles, potentially leading to price doubling from these new highs.
Experts from Kanalcoin forecast longer cycles based on past patterns. They point to macroeconomic shifts and growing institutional involvement as factors supporting sustained price growth. Analyst Insight highlights that institutional demand continues to grow, reinforcing the bullish outlook and increasing market liquidity.
| Disclaimer: This website provides information only and is not financial advice. Cryptocurrency investments are risky. We do not guarantee accuracy and are not liable for losses. Conduct your own research before investing. |