Just six days into the month, Bitcoin has already jumped by 6.32%, setting a bullish pace. If this momentum is sustained, chances are the coin might hit a historic high, as last seen in January 2023, when it jumped 39%.
The growth of BTC is tied to many factors, including the level of adoption of spot Bitcoin ETF products and the impact of Bitcoin whales. Thus far, both classes of buyers have taken cautious approaches to the coin, as the coin keeps flashing the overbought signal.
While firms like MicroStrategy have intentions to keep buying Bitcoin, creating a natural demand amid the limited daily supply, some pessimists remain who believe the coin’s price might slip soon.
Meanwhile, this pessimistic view is not reflected in the coin’s current price as it brandishes 5.76% growth week-to-date (WTD).
While traders remain unsure about the short-term prospects of the coin, 94.82% of all BTC addresses, or 51.21 million wallets are in profit, making the prospects of a sell-off low. The cautious sentiment might remain as the coin confronts a mild sell wall around the $100,000 price.
If Bitcoin records a positive daily close around this range, it might reclaim its $108,000 all-time high (ATH).
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
