The $104,000 mark was briefly regained by Bitcoin (BTC) today, with a moderate intraday increase of 1.00% being recorded. At the time of reporting, BTC was being traded at $104,200.09, bringing its market capitalization to $2.06 trillion. This represented a 0.73% rise, accompanied by a significant jump in trading volume, which has reached $47.02 billion — an increase of nearly 20%.
A fully diluted valuation of $2.18 trillion has been attributed to Bitcoin, with its circulating supply rising to 19.86 million coins, nearing the maximum limit of 21 million. A volume-to-market cap ratio of 2.32% has been recorded, reflecting a notable increase in trading activity compared to its overall valuation.
Will BTC Continue Its Upward Rally?
Following a short period of consolidation, bullish momentum was regained by Bitcoin’s price movement. A decisive breakout was observed, propelling the asset above both the 9-period and 21-period moving averages, which are presently positioned at $103,832.21 and $102,847.27, respectively.
A current reading of 63.84 has been recorded by the Relative Strength Index (RSI), placing it just below the crucial 70 level. Its smoothed average has been aligned exactly at 70.00, suggesting that the recent rally may have eased just before entering overbought territory. Should the RSI rise beyond this point, renewed interest from buyers could be triggered. On the other hand, a decline beneath 60 might result in increased selling pressure.
Support has been identified near the $102,000 mark, where the 21-period moving average intersects with an earlier consolidation zone. A decline below this point could result in BTC being driven toward the psychological level of $100,000 or even lower. Meanwhile, resistance near $105,000 is currently limiting upward movement. If this barrier is surpassed, BTC may target $107,500, with the potential to reach $110,000.
A positive trend has been indicated by the Chaikin Money Flow (CMF), suggesting that capital inflows into Bitcoin have been sustained. While the metric is not significantly high, its current level reflects persistent bullish sentiment toward the asset.
A key technical indication is provided by the moving average crossover. An upward crossover of the short-term moving average above the long-term one has been observed, signaling increasing dominance by buyers. Historically, this configuration has been associated with moderate bullish rallies.
 today, with a moderate intraday increase of 1.00% being recorded. At the time of reporting, BTC was being traded at $104,200.09, bringing its market capitalization to $2.06 trillion.){kind=link}