Key takeaways
- BTC set a new all-time high of $125,559 on Sunday.&
- The coin rallied by 10% in the last seven days and could rally higher in the near term.
Bitcoin sets a new all-time high of $125k
Bitcoin, the number one cryptocurrency by market cap, rallied by 10% last week to reach a new all-time high of $125,559 on Sunday. At press time, BTC is trading at around $123,900, down 1.3% from its all-time high.
The rally comes amid growing institutional interest in Bitcoin and related products. Last week, spot Bitcoin ETFs in the United States recorded an inflow of over $3 billion. The surge in inflows for spot Bitcoin ETFs can be attributed to the ongoing shutdown of the United States government.
The shutdown has seen investors turn to risk-based assets like Gold and Bitcoin, with both assets hitting new all-time highs in the last 48 hours. With the Fed rate decision to come later this month, analysts are optimistic that Bitcoin will hit the $130k mark over the next few days or weeks.&
BTC eyes $130k as bullish trend grows stronger
The BTC/USD 4-hour chart is bullish and efficient as Bitcoin has performed excellently over the last few days. The bullish trend could see Bitcoin rally higher in the near term.&
The momentum indicators are currently bullish, with the Relative Strength Index (RSI) reading 70. The Moving Average Convergence Divergence (MACD) also showed a bullish crossover last week.
If BTC continues its rally, it could surge towards the next key psychological level at $130,000. However, it needs to overcome its all-time high of $125k before it can rally higher.
If the bulls fail to push BTC higher, the coin could face a correction and retest the support at $119k. The next major support level at $117k could serve as a strong base for the bulls in the near term.
The post What’s next for Bitcoin after hitting a new ATH? Check forecast appeared first on CoinJournal.
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