Bitcoin (BTC) surged to $112,500 (approximately 156.38 million won) on the 26th (local time), confirming the full-blown rebound. This was due to strong buying from the lower end of the price. However, after a large surge, there is still the possibility of resistance at the high point due to profit-taking.
The driving force behind the market rebound is institutional inflows into spot Bitcoin ETFs. According to cryptocurrency data analytics firm SoSoValue, Bitcoin-based spot ETFs saw a net inflow of $332.7 million (approximately 462.5 billion won) the day before on the 25th. As expectations for a rebound grow, funds are pouring into Bitcoin through various investment vehicles.
Another factor that positively impacted investor sentiment was gold. On the same day, the price of gold surpassed $3,500 per ounce (approximately KRW 4.86 million), reaching a new all-time high. Historically, Bitcoin has tended to follow gold price increases with a certain lag. According to Cointelegraph, after gold sets a new record, Bitcoin's average gain is approximately 30% in the three months following the price increase, and up to 225% in the twelve months following. If this pattern repeats, analysis suggests that Bitcoin could reach $135,000-$145,000 (approximately KRW 187.65 million-201.7 million) by the end of the year.
Meanwhile, some major altcoins are attempting to rebound from their support levels, spreading warmth across the market. With positive trends detected in investor indicators, Bitcoin's future direction is expected to have a greater impact on the overall market.
Get real-time news... Go to TokenPost Telegram
Copyright ยฉ TokenPost. Unauthorized reproduction and redistribution prohibited.
