The crypto king, Bitcoin ($BTC), is showing signs of recovery after a recent downtrend. Bitcoin’s price is currently hovering around the $84K mark—a 9% spike compared to its $77K low this month.
Per TradingView data, US spot Bitcoin ETFs witnessed $89M in net flows over ten days, its longest streak since the end of last year.
Also, acting in the crypto realm’s favor is US President Donald Trump launching his own $USD1 stablecoin and pondering a digital asset stockpile containing $BTC and other crypto assets.
While the $84K mark is still low in comparison to its $105K high recorded earlier this year, $BTC’s price is stabilizing. It could reach $90K in the coming weeks.
$BTC Inches Closer to Bullish Territory
The Commodity Channel Index (CCI) indicator measures how far $BTC’s value has deviated from its average over a specific time (in this case, 20 days).
Alt text: Bitcoin indicator CCI
Source: Trading View
It currently stands at 34.93, which suggests that $BTC is somewhat bullish because it’s not overbought, nor is it oversold. This indicates there’s potential for upward momentum without significant risks of reversal or price corrections.
When also coupled with the White House’s pro-crypto stance and regulatory clarity, the floodgates are anticipated to open for more sovereign and institutional investments, giving $BTC a much-needed boost.
A New $BTC Breakout Could Be Confirmed
If $BTC solidifies above $84K, it could trigger a wave of buying that pushes its price above $90K and beyond.
The macro backdrop, which has the potential to bolster adoption and demand significantly, suggests that the world’s largest crypto could be on the brink of another bullish rally.
Suppose $BTC manages to sustain momentum above key resistance zones. In that case, its next major milestone, $90K, might be within reach sooner than anticipated—it might even reclaim its ATH in the near future.
The coming weeks are crucial in determining whether $BTC could witness a historic price surge. Although only time will tell, we remain highly optimistic.
Take Advantage of $BTC Volatility With Moonpay
MoonPay – a leading fiat-to-crypto onramp – is renowned for facilitating crypto adoption worldwide.
It enables investors to enter the expansive crypto market hassle-free and buy BTC with peace of mind. Purchases are often processed ultra fast, with crypto being delivered to users’ wallets almost instantly.
For more information, visit www.moonpay.com
