Bitcoin rose to a two-month high, joining a broader rally in risk assets and precious metals after weeks of trading in a tight range. A daily close above $93,500 has opened the door to further upside, with analysts pointing to the path toward $108,000 if momentum persists.
Bitcoin surged to a high of $96,250 on Tuesday, extending a recovery from Sunday’s $90,109 low and marking a third consecutive day of gains. At press time, the cryptocurrency was up about 3.36% over the past 24 hours, trading around $94,961 after hitting an intraday high of $95,759 earlier in the week.
That intraday move produced a large green candle, reflecting a rally from a low near $90,925 to the $96,250 level. Charles Edwards, founder of Capriole Fund, described the move as the first promising technical signal in some time and noted that a weekly close above $93,500 would be needed to confirm the upside and validate a potential breakout toward $108,000.
Analysts say the setup points to a potential breakout as Bitcoin gains traction against other assets. Investors poured $754 million into 12 U.S.-listed Bitcoin ETFs on Tuesday, the largest inflows since Oct. 7, suggesting there may be further room to run. If Bitcoin can sustain a break above $95,000, the next targets could include $100,000 and the 200-day moving average near $106,058.
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