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Bitcoin Price Surge: BTC Eyes $110,000 as Buying Pressure Strengthens Amid Market Volatility

Bitcoin (BTC) is trading at $107,422, showing significant price strength despite a generally bearish market. This sustained demand for Bitcoin, alongside rising buying pressure, suggests that the cryptocurrency could resume its upward rally in the near term.

A recent analysis of the BTC/USD one-day chart reveals a clear bullish sentiment, as indicated by the Balance of Power (BoP) metric. Currently, the BoP stands at 0.75, signaling that the buying pressure is outweighing selling pressure. This key momentum indicator reflects the ongoing dominance of bulls (buyers), driving Bitcoin’s price upward. With demand surpassing supply, it’s clear that the market sentiment is firmly in favor of the cryptocurrency’s value appreciation.

Bitcoin BoP
Bitcoin BoP. Source: TradingView

Further confirming the bullish outlook, Bitcoin’s spot inflows have surged to a 30-day high of $316 million, according to Coinglass. An increase in spot inflows typically suggests heightened interest in the asset, leading to increased buying activity. As more funds enter the market, Bitcoin’s price could continue to climb if supply remains limited.

Bitcoin Spot Inflow/Outflow.
Bitcoin Spot Inflow/Outflow. Source: Coinglass

So, what’s next for Bitcoin? If this buying momentum continues, BTC could potentially target its all-time high and push toward the coveted $110,000 mark. A successful breach of this level could signal a continuation of the bull market. However, any significant sell-offs could dampen this positive outlook, potentially sending Bitcoin‘s price back below the $100,000 level to around $99,800.

Bitcoin Price Analysis

With heightened volatility expected around Donald Trump’s inauguration, Bitcoin could experience additional price swings. Speculation suggests that the former president might mention the Strategic Bitcoin Reserve during his speech, which could influence market sentiment.

Also Read: Bitcoin Hits $110K ATH Ahead of Trump Inauguration: Strategic Reserve Speculation Soars

In conclusion, Bitcoin’s future price movements will depend on sustained buying pressure and macroeconomic events, with the potential for a rally toward $110,000 if the bulls remain in control.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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