thenewscrypto.com
- Bitcoin trades at $86,793, up 3.21% in the last 24 hours.
- Market cap hits $1.72T, with a 66.56% rise in trading volume.
Bitcoin (BTC) continues its upward trajectory as institutional interest strengthens. As of now, BTC trades at $86,793.60, marking a 3.21% gain in the past 24 hours. The market cap has reached $1.72 trillion, accounting for over 60% of the global crypto market cap of $2.82 trillion.
Meanwhile, the 24-hour trading volume surged to $15.96 billion, a notable 66.56% increase, signaling renewed market activity. In addition to this, the market cap ratio stands at 0.9262%, indicating Bitcoin’s dominant share. Bitcoin’s total supply remains at 21 million BTC, with a circulating supply of 19.84 million BTC.
One major catalyst behind the surge is rising institutional demand. Bitcoin ETFs bought 8,775 BTC this week, far exceeding the 3,150 BTC mined. This accumulation indicates bullish institutional sentiment. Moreover, ETFs saw $83 million in inflows with $94 billion in assets, further reinforcing market confidence. Additionally, a $13 billion whale injection has signaled strong long-term holder conviction.
Can Bitcoin Rally Toward $90K?
From a technical perspective, Bitcoin currently shows bullish signals. The price is trading at $86,500 on the 4-hour chart, just below the resistance zone near $87,000. If it breaks above this resistance, BTC could test the next key level around $88,500. However, immediate support sits at $85,000; further downside could bring it to $83,800.
The Relative Strength Index (RSI) is at 69.01, indicating a nearing overbought condition. Its moving average is at 54.52, showing momentum is building. If RSI breaks above 70, a short-term correction could follow.
The Chaikin Money Flow (CMF) is at 0.10, suggesting positive buying pressure. The moving average crossover on the RSI also confirms a bullish trend. The RSI line recently crossed above its average, often a signal of continued upward momentum.
The candlestick structure supports this outlook. After consolidating nearly $84,000, BTC broke out with strong green candles. The consistent higher lows also confirm bullish sentiment.
Overall, both price action and technical indicators suggest further upside. However, overbought signals hint at potential short-term corrections. Traders should watch for a confirmed break above $87,000. Sustained momentum could lead Bitcoin towards $90,000 in the coming sessions.