BTC has had a rough time for the last few weeks. However, things are finally looking great for the token, as it is eyeing the $110,000 mark for the first time. This could be historic for the token, as it will break all the previous records and bring a new dawn for BTC traders.
The growth of BTC is not just about BTC; it will also affect other tokens. As a result, this price action of the token is all set to initiate pan-industry growth, allowing other tokens to grow as well. Hence, this could start another price relay action where major tokens could go through a bullish relay.
BTC Bullish Price Relay
At press time, BTC was trading at around $106,273.30. According to CoinMarketCap data, the token has grown by 3.18% in the last 24 hours. In the previous 24 hours, the token oscillated between $102,112.69 and $106,814.18, with an overall trading volume of nearly $57.81 billion.
According to Riya Sehgal, research analyst at Delta exchange, “The break above key support levels and targeting of the resistance zone near $107,500, suggest a strong potential for a new all-time high, driven by healthier market dynamics rather than speculative excess. Institutional interest remains a key catalyst, as evidenced by JPMorgan’s recent announcement to offer Bitcoin access via spot ETFs, a significant endorsement from a major traditional finance player following Morgan Stanley’s similar moves.”
In other words, the growth is mostly due to institutional interest. Favorable market and regulatory dynamics are pushing businesses to take a higher interest in the token and even use it as a hedge in some cases, pushing the price higher.
