Why Bitcoin’s Price Is Rising Today
Bitcoin (BTC) has surged over 3% to approximately $105,000 as of June 24, driven by multiple factors boosting market sentiment. A key catalyst was the ceasefire between Israel and Iran, which restored global risk appetite and lifted cryptocurrency prices.
Key Drivers Behind Bitcoin’s Rally
- Geopolitical stability renewing investor confidence
- Sustained inflows into spot Bitcoin ETFs, totaling $49.9 billion since January 2024
- Growing institutional participation, with $1.24 billion flowing into crypto products last week
Institutional Demand Strengthens
Data from Farside Investors shows consistent capital entering Bitcoin ETFs, while CoinShares reported ten consecutive weeks of inflows to crypto investment products. This reflects deepening institutional trust in Bitcoin’s long-term value.
Technical Indicators Suggest Further Gains
Bitcoin’s price action shows a developing cup-and-handle pattern, a bullish formation that could propel BTC toward $144,000. Supporting this outlook, the Relative Strength Index (RSI) and moving averages indicate favorable conditions for continued upward momentum.
“Current market dynamics highlight Bitcoin’s unique position as both a risk asset and store of value,” noted a senior crypto analyst.
