Background

Bitcoin Surpasses $118,000 Amid Institutional Inflows

Article arrow_drop_down
Bitcoin Surpasses $118,000 Amid Institutional Inflows
Key Points:
  • Main event, leadership changes, market impact.
  • Institutional demand increased sharply.
  • Spot ETF inflows reached $429.96 million.
bitcoin-surpasses-118000-amid-institutional-inflows-2
Bitcoin Surpasses $118,000 Amid Institutional Inflows

Bitcoin surpasses $118,000, buoyed by $429.96 million in ETF inflows and robust institutional participation, marking historic highs. Analysts point to continued bullish momentum, with targets set around $130,000, amid strong market and on-chain activity.

Bitcoin reached $118,000 today, gaining 0.52%. Institutional inflows and market support are cited as key factors in this significant price movement.

BTCโ€™s price surge to $118,000 represents a milestone influenced by institutional demand and a historical trend of fourth-quarter gains.

The breakthrough comes with institutional inflows reaching $429.96 million in one day, boosting Bitcoinโ€™s market cap. Analyst commentary highlights potential targets of $130,000, emphasizing continued investor confidence.

Bitcoin benefited from strong support, driven by notable institutional investments and growing retail interest, leading to significant market cap growth from $870 billion to $2.34 trillion. Analyst predictions suggest further upward potential based on historical Q4 trends.

โ€œBTC has setup clear above that $115,000 range it had been trading in and is respecting a higher time frame structure, with consistent action up to 2025. The long-term breakout target for Bitcoin is $130,000.โ€ โ€” Satoshi Flipper, Analyst, X

The financial community witnessed Bitcoinโ€™s rise alongside an increase in trading volumes by 12.36%. On-chain data suggests heightened market activity, with $157.08 million liquidated in a single day, signaling volatility.

Institutional interest has reshaped market dynamics, pushing Bitcoin to new highs. Analysts observe liquidity movements indicating a positive trend for BTC and corollary gains for other cryptocurrencies, including Ethereum and major altcoins.

Historical patterns suggest further BTC gains into Q4, supported by past evidence of post-halving rallies. Analysts emphasize continued bullish trends in technical setups, underscored by persistent investor and institutional interest.

About the author

Related

About Coinlineup

CoinLineup is a specialized platform dedicated to empowering investors with the knowledge and tools needed to succeed in both the financial stock market and the crypto market. Our primary focus is to provide comprehensive market insights by delivering real-time and historical data, solid investment strategies, and trading tips. We aim to equip investors with accurate information, allowing them to make well-informed decisions in their financial endeavors.

Copyright 2024 coinlineup.com. Crypto, Stocks, and Forex โ€“ All in One Place.

Login to enjoy full advantages

Please login or subscribe to continue.

โœ–

Go Premium!

Enjoy the full advantage of the premium access.

Login

โœ–

Stop following

Unfollow Cancel

โœ–

Cancel subscription

Are you sure you want to cancel your subscription? You will lose your Premium access and stored playlists.

Go back Confirm cancellation

โœ–