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Highlights
- BTC price is up 2% today, trading at $104,600.
- Bitcoin's market cap is $2.1 trillion, with a 24-hour trading volume of $36.8 billion.
- The chances of Bitcoin reaching $110,000 today are high, based on the 30-day IV and bullish market structure.
Bitcoin (BTC) set up a daily high of $107,950 on Binance, shy of 1.86% from its ATH of $110,000. Although the Asian session saw a slight uptick, the London session knocked BTC price lower by 1.78% and set up a local bottom of $106,035. Despite this short-term downtrend, can BTC reclaim this historic level of $110,000 today?
Live BTC Price Chart
Bitcoin is up 2% today and trades at $104,600. The recent uptick has pushed Bitcoin’s market up to $2.1 trillion, with the 24-hour trading volume hovering around $36.8 billion.
*bitcoin price updated as of 11 PM.
Can Bitcoin (BTC) Hit $110,000 Today?
BVIV, Volmex’s 30-day Implied Volatility (IV) for Bitcoin, hovers around 49.23. This metric measures the forward expectation of investors on BTC, calculated using options data. The 49.23 value is annualized 30-day IV. Dividing this value by the square root of 365 yields 2.57%, which is the daily percentage Bitcoin price swing.
At press time, Bitcoin price hovers around $106,400. Multiplying this value by 2.57% shows the upper limit of $109,123. On the other hand, a lower limit is around $103,676. So the chances of a BTC price swing that pushes it to $110,00 today are extremely high.
Analyzing Bitcoin’s Bullish Market Structure
A top-down approach is best to determine what Bitcoin price prediction holds for the near-term future. If the momentum is strong enough, BTC will hit $110,000 or push higher. The 4-hour chart shows a series of higher lows since BTC price set up the April swing low around $73,000. This price structure shows clear strength and bullish momentum and is indicative of a continuation of the uptrend a retest of all-time high.
The hourly chart shows a similar outlook for Bitcoin with a series of higher low formations. A key value area to watch on this timeframe extends from $105k to $102.5k. 70% of the volume traded between December 2024 and February 2025. Yesterday’s correction tagged the $105k level, catalyzing a buying spree that pushed BTC price to a new daily high of $107,950. This move created a higher low, retaining the bullish market structure.
Nearly 7,000 BTC worth $740 million of open interest was added since yesterday’s intraday low of $102,000. This clearly shows investor interest and willingness to buy the dips. Hence, the chances of a potential push to retest the previous ATH at $110,000 are highly likely.
To conclude, BTC price action remains extremely bullish and hints at a potential retest of the ATH of $110,000. The IV also shows there is a high chance of Bitcoin reaching for the record highs and potentially going beyond.
Frequently Asked Questions (FAQs)
1. Can Bitcoin hit $110,000 today?
2. What is Bitcoin's current price?
3. What is driving Bitcoin's price?
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