After a drop earlier this week, Bitcoin has returned to $98,000 and data suggests the possibility of setting new all-time highs for the largest digital currency. Various technical indicators and on-chain data indicate that Bitcoin is likely to continue its upward trend. One of the key bullish signs is the decrease in Bitcoin supply on exchanges. Meanwhile, the US dollar has decreased by 1.7% since February 3rd, benefiting high-risk assets like Bitcoin. Institutional investor demand for Bitcoin is also a bullish factor. Bitcoin ETF spot funds have seen over $2.5 billion in capital inflow in the past two weeks. Since the launch of Bitcoin ETF spot funds on January 11, 2024, over $40 billion has entered the BTC market, showing institutional interest in Bitcoin. The weekly Bitcoin chart shows a flag pattern. If Bitcoin can break the $101,800 resistance and turn it into support, this bullish breakout could push BTC price to $167,000. This growth, equivalent to a 70% increase from the current price, could attract a new wave of investors to the Bitcoin market.
