Bitcoin Price News: BTC Remains on Track to Hit $110K as Crypto Adoption Accelerates

Bitcoin (BTC) has gone up by nearly 1% in the past 24 hours and currently sits at $107,435 as tensions in the Middle East have eased.

The top crypto has emerged as the best-performing token of the top 5 with year-to-date gains of 15%, way ahead of XRP (XRP), whose YTD returns sit at 4.6% at the time of writing.

Bitcoin’s Performance After Halving Cycles – Source: Ark Invest

Crypto adoption across the globe has been accelerating as the market continues to mature and blockchains continue to prove their technical resilience during times of turmoil.

Legislation in the United States has been progressing toward establishing a much more friendly environment for the proliferation and growth of crypto companies.

The launch of crypto-linked regulated products for Bitcoin (BTC) and Ethereum (ETH) has paved the way for mainstream adoption of these assets into large investment accounts like 401ks and IRAs.

Moreover, a crypto-friendly U.S. Securities and Exchange Commission (SEC) could now give the green light to a long list of altcoin-linked ETFs for Solana (SOL), XRP (XRP), and even meme coins.

Data from Bitcoin Treasuries, a page that tracks how many companies currently hold BTC, indicates that 250 businesses have opted to incorporate this crypto into their liquid reserves for diversification.

All of these macro factors have pushed BTC to a new all-time high recently and support a bullish long-term outlook for the token, while the latest price action also favors a push to the $110,000 level once again.

April-May Uptrend Enters Exhaustion Phase

Bitcoin (BTC) has had two major legs up in the past few months. The first started and ended in November while the latest started in April and ended in May.

BTC/USD Weekly Chart (Bitstamp) – Source: TradingView

The weekly chart is often the best to identify dominant trends. Right now, the April-May uptrend has ended as the first red candle has already popped up. Once selling pressure begins, it means that the price is ready to retreat.

During the November uptrend, the price made higher highs after the first red candle but these gains were much lower in magnitude. This indicates that positive momentum is fading.

So, although BTC could make a higher high from these lows, the price could now be poised to experience a much deeper pullback toward the 50% and 61.8% Fibonacci levels signaled in the charts.

Since the dominant trend is bullish, these setbacks would provide attractive buying opportunities for long-term holders.

BTC Could Hit $110K After Bouncing Off 200-Period EMA

In our latest price prediction for Bitcoin, we emphasized that the post-Iranian-bombing bounce could push BTC to $109,000 in the near term. We got quite close to that target as the token surged to $108,800 on Sunday.

Then, BTC retreated sharply until hitting the 200-period exponential moving average (EMA) in the 4-hour chart. We have focused on this lower time frame primarily as the price action in the daily chart has been confined in a tight range.

BTC/USD 4-Hour Chart (Bitstamp) – Source: TradingView

This short-term bounce favors another attempt to hit the $109,000 and could have even raised the necessary liquidity for the next leg up.

For now, if a bullish breakout occurs above that threshold, we could see BTC rising to $110,000 shortly. The Relative Strength Index (RSI) shows signs that positive momentum has accelerated and that the latest uptrend has gained strength.

Another bullish crossover between the 9-period and 21-period EMAs would confirm a buy signal and would support this move toward $110K shortly after the two short-term moving averages rose above the 200-period EMA.