Bitcoin, the leading cryptocurrency by market capitalization, is steadily approaching the $105,000 level once again, reaching an intraday high of $104,291 earlier today, according to CoinGecko data.
The cryptocurrency is currently in the key resistance zone, which is roughly between $104,000 and $105,000.
The leading cryptocurrency has tested the resistance level on multiple occasions earlier this year. However, it has so far failed to maintain its bullish momentum, pulling back below the resistance level on each occasion.
Overcoming the aforementioned resistance would be a bullish development for Bitcoin that could potentially let the cryptocurrency set a new record high in the near future for the first time since January.
The cryptocurrency continues to benefit from massive Bitcoin ETF inflows. On Thursday, BlackRock's iShares Bitcoin Trust ETF recorded $409 million worth of inflows, according to data provided by SoSoValue.
Meanwhile, JPMorgan is predicting that Bitcoin will be able to outshine gold in the second half of the year due to strong buying from Strategy and other copycats, as well as other bullish crypto-specific catalysts.
However, the cryptocurrency also experienced a notable setback on the institutional adoption front, with the State of Wisconsin Investment Board (SWIB) recently revealing that it decided to exit its Bitcoin position. As reported by U.Today, the SWIB disclosed a $100 million IBIT purchase last May. Notably, it continues to hold Strategy (MSTR) shares despite ditching its Bitcoin investment.
Vladislav Sopov
Dan Burgin