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Coin Telegraph

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Image Credit: Coin Telegraph

Why is Bitcoin price up today?

  • Bitcoin surged over 3% to above $105,000 on June 24 following a ceasefire agreement between Israel and Iran.
  • Continued inflow into spot Bitcoin ETFs is contributing to investor confidence in the market.
  • A bullish pattern suggests a potential rally to $144,000 for BTC.
  • BTC price rose by more than 3% in the last 24 hours, reaching around $105,000 on June 24.
  • BTC/USD pair peaked at $106,100 on June 23 from a low of $98,240 on June 22.
  • A ceasefire agreement between Israel and Iran boosted global risk appetite and cryptocurrency prices.
  • Capital inflows into US spot Bitcoin ETFs are increasing, indicating a growing demand for regulated exposure to Bitcoin.
  • Institutional investors are demonstrating confidence in the crypto market, with significant inflows into Bitcoin investment products.
  • Technical analysis shows a cup-and-handle pattern forming for BTC, with a target price of $144,000.
  • A break above $105,000 and the 50-day SMA could lead BTC price to test the $109,000 resistance level.
  • Further bullish momentum could push Bitcoin to challenge the $112,000 all-time high and aim for $144,000.

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