Bitcoin surged above $107,000 briefly yesterday, reaching a peak of $107,108, which was close to its highest point of $109,588 before dropping back down. While it is currently trading at $104,976, the market sentiment remains positive, with indicators suggesting further upward movement.

The cryptocurrency market is currently experiencing a "Bitcoin Season," where Bitcoin outperforms other altcoins significantly. Only 16 out of the top 50 altcoins have surpassed Bitcoin's performance in the last 90 days, indicating that it is not yet an "Altcoin Season." Bitcoin's dominance in the market has been increasing steadily since hitting a low in May.

Investors are shifting capital towards Bitcoin rather than altcoins, as shown by a decline in the combined market cap of all cryptocurrencies excluding Bitcoin. The trading trend indicates a strong preference for Bitcoin, especially as it aims to stabilize above $105,000.

Bitcoin's Directional Movement Index (DMI) on the daily chart points to a bullish market sentiment with the positive directional index outweighing the negative directional index, indicating a possible uptrend and increased buying pressure. If this momentum continues, Bitcoin could potentially break resistance at $107,048 and move closer to its all-time high of $109,588. Conversely, a stronger sell-off could push Bitcoin's price down to $102,080.