Bitcoin Price Prediction: Why Is Bitcoin Going Up?

Bitcoin BTC Price Prediction: Will the Santa Rally Boost $BTC Prices?

• Bitcoin's price has soared past the $100,000 resistance zone, recording a 2.59% increase and setting a new all-time high at $106,530.

• This significant rally comes amid rising speculation about Bitcoin's potential as a United States reserve asset.

• Additionally, Bitcoin ETFs recorded an inflow of $2.17 billion last week, according to SoSo Value. This marks the second consecutive week of strong inflows, indicating sustained investor interest.

• Throughout the week, BTC traded between $97,000 and $103,000 before breaking out above key levels, including $103,500 and $105,000. 

• $BTC price briefly hit $106,530 but has since corrected to $104,500. Previously, Bitcoin reached $104,000 on December 5, which marked its last record high.

• After forming a bullish candle yesterday, today's price action resulted in a long upper wick candle, signaling resistance around the $105,000 level.

• On the upside, Bitcoin could encounter resistance around $105,500, with the next major barrier at $108,000. A strong close above $108,000 could propel the price toward $110,000.

• On the downside, initial support lies near $102,000, followed by a crucial zone around $100,250. A deeper pullback could see BTC testing the $98,000 support level in the short term.