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.