Bitcoin’s price jumped 17% in just a week, climbing to $104,000. Factors such as eased inflation and political developments have contributed to this surge, attracting significant investor interest and suggesting a potential breakout point of $110,000.
Current market sentiment is characterized by extreme greed, with over 15,170 BTC exited from exchanges, injecting approximately 1.5 billion USD into the market. However, this creates risks for sudden sell-offs if profits are realized.
The strong rally raises concerns about sustainability, with the potential for Bitcoin to revert to around 90,000 USD if the hype wanes. The influence of memecoins on Bitcoin’s liquidity further complicates the market landscape.