Bitcoin Price Hits Above $114,000 with Strong Support
Bitcoin (BTC) is trading above $114,000 as of Tuesday. The price found support near the key level. This is partly due to steady inflows from spot Bitcoin ETFs and new buys by large firms. These moves show growing trust in Bitcoin and may help continue its upward trend.
Major Institutions Add More Bitcoin to Their Reserves
- Strategy added 390 BTC on Monday, raising its total to 640,808 BTC worth $47.44 billion.
- American Bitcoin, linked to Donald Trump’s sons, bought 1,414 BTC for about $163 million. Their total holding is now 3,865 BTC.
- Bitcoin treasury firm MetaPlanet announced a $495 million share buyback program. MetaPlanet’s president, Simon Gerovich, said they aim to use shares wisely to increase BTC yield and long-term value.
Spot Bitcoin ETFs Record Continuous Inflows
Spot Bitcoin ETFs listed in the U.S. saw inflows of $149.3 million on Monday. This marks three days of positive inflows since last Thursday. If this trend continues, Bitcoin’s recovery could gain more momentum.
Bitcoin Recovery Follows Tariff-Related Crash
Bitcoin’s price dropped sharply on October 10 due to fears about a potential 100% tariff on Chinese imports proposed by President Trump. This pushed Bitcoin’s correlation with the S&P 500 above 60%. However, analysts say this tariff talk may be a negotiation tactic. Trump has hinted at easing tensions, helping digital assets rebound. If trade fears ease further, Bitcoin’s rally could continue, similar to the strong market surge after Liberation Day.
Bitcoin Price Outlook: Support Near 50-Day EMA
Bitcoin found support near the 61.8% Fibonacci retracement level at $106,453 on Wednesday. The price rose 6.57% over four days and closed above the 50-day Exponential Moving Average (EMA) at $113,407. It faced resistance at the 78.6% Fibonacci level of $115,137 but currently holds near the 50-day EMA.
If Bitcoin breaks above $115,137, it might target $120,000. The daily Relative Strength Index (RSI) at 53 signals growing bullish momentum. Additionally, a recent Moving Average Convergence Divergence (MACD) crossover supports a positive outlook.
If Bitcoin falls below the 50-day EMA, it could drop toward $110,000 as the next support level.
