Bitcoin Bulls Drive Prices to New All-Time High of $109,350 Amid Broader Market Decline

Leading coin Bitcoin BTC has touched a new all-time high of $109,350 during Monday’s early trading session. This surge comes amid the broader market

After touching a new all-time high of $109,350 in Monday's early trading session, Bitcoin's (BTC) price seems poised to continue its rally toward the $110,000 level. This surge in BTC's price occurs amidst a broader market decline over the past 24 hours.

At press time, BTC trades at $107,422 with a 24-hour trading volume of $62 billion. BTC is down 0.86% over the past 24 hours. An analysis of BTC's price movement on the one-day chart reveals the sustained demand for BTC despite the overall market downturn.

For instance, BTC's Balance of Power (BoP) is in an uptrend at 0.75, indicating the bullish bias toward the leading crypto asset. This momentum indicator measures the dynamic between buying and selling pressure, indicating whether bulls (buyers) or bears (sellers) are in control. As with BTC, a positive BoP indicates that buyers are dominant, driving prices upward as demand outweighs supply.

Furthermore, BTC's spot inflows have risen to a 30-day high, attesting to the surge in demand for the coin. According to Coinglass, BTC's spot inflows total $316 million at the time of writing.

When an asset's spot inflows increase, it signifies that more funds are entering spot markets, usually indicating increased buying activity and interest in the asset. In this case, it suggests a growing demand for BTC, which could propel its price higher if supply remains limited.

If this buying momentum continues, Bitcoin's price could reclaim its all-time high. In such a scenario, the coin's price could rally toward the highly coveted $110,000 price mark and attempt to breach it.

On the other hand, a spike in coin selloffs would invalidate this bullish thesis. In this case, BTC's price could fall below $100,000 to trade at $99,880.