The crypto market experienced a surge in buying pressure, as Bitcoin’s price broke $90,000 following the U.S. Consumer Price Index (CPI) report, which showed a YOY increase of 2.6%. Analysts predict that the BTC price rally will continue past $100,000, as miners’ profit-booking projects indicate a bull cycle.
The BTC price traded at $91,022, with an intraday gain of 3%, and the asset’s market cap surpassed $1.8 Trillion. Analyst Avocado_onchain linked the Bitcoin price rally to miners’ profit-booking, noting that miners temporarily shut down or sell some of their Bitcoin holdings to secure operating funds.
However, the Miner Position Index (MPI) records an increase in Bitcoin outflows from miners’ wallets. Although this profit-taking often coincides with major market tops, the relatively lower volume suggests room for further growth. Bitcoin’s hash rate and mining difficulty are at all-time highs, signaling robust network growth and miner participation.
The Bitcoin price is still far from its top and could offer a decisive breakout from the $100,000 psychological barrier. Bitcoin’s price surge from $66,800 to $91,500 marks a 36% growth in the last ten days, giving a decisive breakout from the asset’s seven-month consolidation carried by a flag pattern formation.
The flag pattern is typically observed between an established uptrend, offering a temporary pause for buyers to revive exhausted bullish momentum. If this pattern holds true, the BTC price can surge another 10% to reach a high of $102,000. Despite this growth, no trend remains in a financial asset, and Bitcoin’s price could soon enter a temporary pullback to test key support levels.
The Average Directional Index (ADX) spiked to 35%, indicating that buyers could soon hit exhaustion and may seek support at daily EMAs such as 20 and 50 to regain buying pressure. In conclusion, Bitcoin’s bullish breakout from a flag pattern signals further price growth. The last ten days witnessed a 36% growth in the Bitcoin price, from $66,800 to $91,500.
Analysts predict further growth due to a bullish breakout and relatively low miner Bitcoin outflows, signaling ample room for upward momentum.
