The flagship cryptocurrency's market cap has soared to $2.43 trillion, cementing its position as the largest cryptocurrency by market capitalisation and making it the fifth-largest asset globally
The flagship cryptocurrency touched a fresh high of $112,009, gaining nearly 14 per cent from its June 22 low of around $98,000
Alongside Bitcoin and Ethereum, other altcoins within the top 10 displayed strength and were trading above their respective support levels
The availability of institutional-grade tools and improving regulatory clarity is encouraging a more sophisticated, professional investor base to participate in this evolving asset class
Market analysts, however, remain optimistic about the long run and expect the impact on the crypto market to be negative only in the short term
With the US Dollar Index hitting a multi-year low, analysts believe Bitcoin is increasingly being viewed as a resilient high-growth asset in times of macroeconomic uncertainty.
Market analysts suggest that Bitcoin's current consolidation near $107,000 reflects short-term seller control
This comes at a time when digital currencies are seeing growing acceptance worldwide, especially after US President Donald Trump openly supported them
The flagship cryptocurrency Bitcoin (BTC), which scaled a record high of $111,970.17 last week, plunged to $104,684.72, its lowest level in seven days, on Friday, May 30
Appearing alongside his brother Donald Trump Jr., Eric made a bullish forecast, predicting that the value of Bitcoin would skyrocket in the near future
From the technical perspective, analysts believe that Bitcoin now faces resistance at $112,600, with key support moving to $108,700
Bitcoin ETFs have now seen five consecutive weeks of inflows totaling over $600 million, led by BlackRock's IBIT, despite some outflows from some funds
Bader Al Kalooti, MENASAT head of growth & operations at Binance, shares his views on the road ahead for cryptocurrencies, cybersecurity, and compliance issues for crypto exchanges
Ethereum (ETH) has officially broken through a key technical resistance, climbing above the $1,800 level
Market analysts attribute this rally in cryptocurrencies to increased institutional buying, a weakening dollar index, and other favorable macroeconomic conditions
The bounce in Bitcoin, Riya Sehgal, research analyst, Delta Exchange, said, came as hedge funds aggressively sold the dollar against major currencies
Investors' confidence, analysts said, stands strong as the White House plans to establish the Bitcoin Strategic Reserve using alternative government revenue sources
Bitcoin briefly tested resistance at $85,526 before pulling back, signaling potential consolidation in the near term
He expects the funds to come into the digital network from Russian real estate, Chinese private equity, and markets in Africa and South America
Bitcoin surged past the $87,000 mark over the weekend, with bulls maintaining control and defending lower levels