U.Today – With analyst Willy Woo pointing out increasing capital inflows into the network, interest in Bitcoin‘s price fluctuations and network dynamics is growing. Woo claims that as Bitcoin’s sideways trading quietly moves into stronger hands, an accumulation zone is being created. He says that if the inflows continue in the days ahead, this accumulation phase might lead to an all-time high.
The degree of network activity and investor interest is reflected in the capital inflow metric. There is a new surge in demand as these inflows increase. If maintained, this demand might serve as the catalyst for Bitcoin to surpass significant resistance levels and reach new highs. Bitcoin is still in an upward trend as evidenced by its price chart’s higher highs and lower lows.
While support levels close to $98,000 and $92,000 offer solid foundations, the breakout from the long-term descending trendline around $100,000 confirmed bullish momentum. An upward trajectory is reinforced by the 50-day and 100-day moving averages. The psychological $110,000 mark is one of the important short-term levels to keep an eye on because it may serve as a springboard for additional gains.
The conditions for a rally toward Bitcoin’s previous peak and beyond may be created if it is able to overcome this resistance with strong volume. However, since the market may encounter additional challenges, prudence is necessary. The uptrend may be stopped if capital inflows decline or if the current support levels are not maintained.
In order to prevent a deeper correction or a slide into consolidation, Bitcoin needs to hold onto its recent bullish structure. The price action and fundamentals of Bitcoin point to a bright future. With consistent capital inflows, Woo’s analysis strengthens the case for a potential all-time high.
This article was originally published on U.Today
