Bitcoin ($BTC) has again witnessed a groundbreaking development by breaking a notable price resistance. As per the new market data, Bitcoin ($BTC) has surpassed the $107,000 mark, shattering the former threshold on the top crypto exchange Binance. This remarkable price jump indicates the potential to attain new all-time high price levels.
$BTC Price Surpasses $107K, Boosting Bullish Sentiment Among Investors for New ATHs
The key crypto asset has reportedly settled its price at $107,264.0 $USDT. This represents a 1.32% increase over the past twenty-four hours. Although the spike may appear modest in comparison with the former bull markets, the market onlookers consider this an indication of rising market maturity. Additionally, it also highlights the decreased volatility in the wider crypto market.
The upsurge to $107K is a part of the wider market trend of notable growth. In this respect, many emerging cryptocurrencies like Venus are also getting significant traction. Particularly, its price has surged by 0.68% to reach $6.55 in terms of price. This surge comes after a notable decline witnessed throughout the previous week.
Bitcoin Eyes $110K, Needs Demand-Supply Balance to Sustain Rally
Apart from that, the breakout above $107K signifies Bitcoin’s rising potential to soon reach the $110K spot and surpass it. In the meantime, Bitcoin has formed an effective support around the $105K mark in the case of a downside. However, the wider investor sentiment is bullish around Bitcoin ($BTC). On the other hand, a break above its all-time high of $110K would commence an exclusive price discovery stage.
Nonetheless, to effectively rise above $110 and subsequent all-time high price levels, Bitcoin needs to have an exclusive equilibrium between demand and supply. As Bitcoin stands firmly above $107K, its wider momentum points toward the expansion of sophistication in the crypto sector. Moreover, there is a possibility for its price to increase while chasing liquidity if no further downturn takes place.
