Bitcoin has made quite a recent advancement above the $100,000 level. This rally is being supported by record flows into spot Bitcoin ETFs and aggressive purchases from whales. The cryptocurrency’s bullish momentum is additionally backed by a positive market sentiment and growing adoption. This increase is indicative of a broader, global trend of growing confidence in Bitcoin’s value proposition both as an investment and a store of value.

Bitcoin’s price is now above Rp1.71 billion (US$103,725), having recently passed key resistance at US$98,500. Similarly, the cryptocurrency is now trading above its 100-hour simple moving average (SMA), showing that strong bullish trend. This movement is driven by a perfect storm of three key factors with more of recent price rally.

ETF Inflows and Whale Accumulation

Inflows into spot Bitcoin ETFs have been an important component, totaling US$5.3 billion over the last three weeks. This increased capital flow marks an undeniable surge in institutional interest and confidence in Bitcoin.

In addition to retail investors, large investors—known as “whales”—have added more than 81,000 BTC over the past six weeks as well. Their history of activity is an indicator that they do, indeed, have strong conviction for Bitcoin’s long-term success. This, in turn, removes supply and pushes up prices.

Investment firms are planning to invest US$84 billion in Bitcoin acquisitions, further solidifying the cryptocurrency's position in the market.

Market Dynamics and Future Targets

The next resistance level for Bitcoin is expected to be between US$105,000 and US$108,000. If Bitcoin manages to break through this resistance, the next target is at US$120,000.

If a price correction occurs, there is likely to be robust support for Bitcoin close to US$92,000. This line of support may offer a bit of a cushion against a major correction and help keep investors’ spirits high.

Broader Market Influences

Bitcoin’s price has rocketed recently. This jump up can be attributed in part to good news, such as the signing of a potential trade deal between the United States and the United Kingdom. States such as New Hampshire and Arizona have advanced crypto reserves. While no purchases have occurred to date, this move is a positive sign of the increasing government acceptance of digital assets.

Visionaries and influencers such as Robert Kiyosaki are fervently advocating for Bitcoin. He says it’s better than gold as a store of value. This public endorsement from some of the loudest financial establishment voices has been an important factor in Bitcoin’s growing credibility and appeal.

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