Bitcoin Price Up Today: Is This the Start of a Bigger Rally?

After weeks of trading below $90k, the Bitcoin price has made a remarkable recovery despite the recent tariff-induced slump. The pioneer cryptocurrency has increased by over 6%, marking a sharp surge from a mere $87k to nearly $94k in a single day.

Reportedly, Bitcoin’s appreciation over the past day could be attributed to several factors, including Paul Atkins’ inauguration as the US SEC Chair, BTC ETF inflows, dollar crash, and more. In this article, we’ll explore the possible reasons for BTC’s surprising uptrend and whether this positive momentum will sustain.

Bitcoin Price Skyrockets, Is $180K the Next Target?

As BTC has experienced a notable uptrend over the past day, analysts and traders remain optimistic about its potential trajectory. According to analysts like CryptoELITES, this sudden hike in the Bitcoin price is an indicator of its imminent bull run.

At press time, Bitcoin is valued at $93,511, up by 6%. Over the past week and month, BTC has experienced notable increases of 12.5% and 7.5%, respectively. The 24-hour trading volume has also jumped to a staggering $57.82 billion, with a 50% rally.

In light of the current sentiment, CryptoELITES projected Bitcoin’s future journey to a new all-time high of $180,000. The analyst noted, “Bitcoin’s journey to $180,000 has officially begun!”

Bitcoin’s Dramatic Move

As pointed out by market expert Ash Crypto, Bitcoin has made a dramatic move, closing above $93,000 and breaking through all major resistance levels in a single candle. This bullish reversal has pushed the BTC price above key technical indicators like the daily 200-day and 50-day moving averages. The token has now successfully broken out of a lower-high pattern.

In addition, BTC has broken past the Ichimoku Cloud, a bullish indicator of a potential resurgence. This strong price action indicates a significant shift in market sentiment and potential for continued growth. According to Ash Crypto, the next immediate target of BTC is $106k.

What Drives Bitcoin Price’s Rally?

Despite its recent dip following Donald Trump’s tariff announcement, BTC has shown a bullish reversal. Notably, several factors contribute to the recent surge in the Bitcoin price. Let’s break them down here.

Paul Atkins’ Support for Bitcoin & Crypto

The crypto-friendly Paul Atkins has officially taken the helm at the US Securities and Exchange Commission (SEC). Atkins’ explicit support for Bitcoin and crypto has invoked widespread optimism, which, in turn, sparked a major rally in the BTC price.

Bitcoin ETF Inflow

After weeks of continuous outflows, Bitcoin ETFs have seen a major trend reversal, with renewed institutional interest at its peak. Marking three days of consecutive inflows, the ETF inflows surged to $936.43 million yesterday. This records a massive 146% jump from the previous day’s $381.40 million inflows.

Dollar Crash

As reported by CoinGape previously, the US Dollar’s recent crash has paved the way for Bitcoin’s bullish era. Analyst CryptoAmsterdam predicted that BTC is poised to exhibit its next uptrend, potentially breaking new highs and continuing its bullish run.