Bitcoin ($BTC) is going through a bullish momentum as the crypto markets are currently filled with optimism. The latest data reveals that Bitcoin ($BTC) has jumped to $109,763.65 before a slight dip to $108,000. This price rally takes place amid the rising enthusiasm around exchange-traded funds (ETFs) as their adoption is broadening to a significant extent.
Bitcoin Nears $110K as Amid Growing ETF Market Adoption
In line with the market data, Bitcoin’s bullish momentum has recently raised its price to $109,763.65 before it slightly slumped to $108,000. Specifically, the growing ETF sector has made a notable contribution to this development. In this respect, the top names take into account iShares Bitcoin Trust ($IBIT) of BlackRock.
Crypto Rally Expands to Altcoins
Additionally, this rally has even expanded to the other prominent crypto assets, including Dogecoin ($DOGE), Ethereum ($ETH), and several other altcoins. Hence, the market capitalization of the crypto sector has surged by 3.49% to touch the $3.36T mark. This indicates the active accumulation for another time by the retail as well as institutional investors on a large scale.
‘Bull Vs Bear’ Struggle Shows No Signs of Conclusion
Apart from that, Bitcoin’s jump ignited more than $250M in terms of liquidated short positions over past twenty-four hours. Additionally, the open interest in $BTC has also spiked to 8.71%, reaching $74B. However, irrespective of this uptrend, more than sixty-eight percent of all Binance traders who have opened $BTC positions are still short. This suggests that the “bull vs bear” struggle has not ended yet.
$BTC Targets $118 as Next Price Target
While sentiment shows continuous, decisive shift toward the bulls, the crypto Fear & Greed index has increased from 63 to staggering 73 points, showing noteworthy “greed.” Keeping this in view, the market onlookers are of the view that as a result of such euphoria, some provisional correction could take place. Even then, the current upward trend of Bitcoin ($BTC) signifies a rally toward $118,000 as the next price target, reinforcing a bullish outlook in July 2005.
