Bitcoin expanded its gains for the fourth straight session, trading above $107,000, or just 4% off recent record highs amid strong investments into bitcoin ETFs, amounting to $547 million on Wednesday.
Strong Institutional Demand
Bitcoin is buoyed by rapidly increasing institutional demand, with SoSoValue data showing net investments into bitcoin sport ETFs at $547 million, with total weekly inflows amounting to $1.49 billion so far.
Otherwise, major corporations continue to add to their bitcoin holdings, with Japan’s MetaPlanet adding 1234 units on Thursday, raising its total holdings to 12,345 units.
PtoCap BTC also bought 1208 bitcoins, raising total holdings to 4932 units.
Bitcoin recently hit a low of $98,200 on Sunday but avoided closing below $100,000, with the currency regaining its strength on Monday, thus recovering until $107,000.
An extended rally would bring the price to near the recent record highs at $112,000.
RSI technical analysis points to upward momentum, which is confirmed with the MACD.
Some analysts expect bitcoin to rise between 50% and 80% by October, as it might repeat its market structure from 2020, with a stabilization period followed by a $13,000 to a $40,000 sur
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