Bitcoin (BTC) Price Surpasses $95,000 as Market Reclaims Key Levels

U.Today - Bitcoin, the first and largest cryptocurrency by market capitalization, recently surpassed $95,000 as the market

Bitcoin (BTC) price showed signs of recovery on Sunday, testing key levels as the crypto market continues to heat up.

Top cryptocurrency, Bitcoin, is trading at $94,191 at the time of writing, down 0.48% over the last 24 hours. As the market saw some profit-taking in the early Sunday session, BTC price fell slightly after reclaiming the $95,000 level.

Earlier, Bitcoin surpassed $90,000 for the first time since early March, reaching highs of $95,976 as part of a seven-day rally.

The recent rise in Bitcoin price also saw BTC fundamentals turning bullish, according to crypto analyst Willy Woo.

Capital flows into the network are increasing, but total and speculative flows have bottomed, which might be a good setup for the cryptocurrency to reach new highs, according to the analyst.

"When both align, they combine to form a bullish environment based on sound fundamentals. In this environment, we can expect muted downside pullbacks as liquidity returns to the market, and risk model begins to trend back down," Woo added.

Moreover, medium-term targets of $90,000 and $93,000 have been taken out tactically, and with the $108,000 target still in play, a new interim target of $103,000 is forming, according to the analyst.

The short-term on-chain VWAP indicator is at +3 standard deviations, which means that it may be difficult to move upward with decent momentum due to overextension.

“This bodes well for either sideways movement, or in the most bullish case, a slow grind upward, might be the order of the day,” explained Woo.

The new all-time high

The cryptocurrency reached its current all-time high of $109,114 in January. In the very short term, "there’s good chances of dips."

"The capital flow trend continues, which might be a good setup for BTC to reach new highs. But this is a solid long-term setup," concluded Woo.