Bitcoin's price has been steadily increasing in April, edging closer to the important $100,000 threshold. This surge seems to be driven by new investments coming into the market, leading to a positive investor sentiment.

Should this trend persist, it could act as a catalyst for Bitcoin to reach higher levels, with $105,000 serving as a key level that could trigger further price hikes.

Recent data shows that there has been a significant inflow of over $1 billion in capital daily, indicating a renewed interest in Bitcoin. The Net Realized Profit/Loss metric demonstrates that new investors are absorbing the incoming supply, with sellers cashing in on profits and buyers continuing to acquire Bitcoin at its current price.

While heavy profit-taking usually signals a market peak, Bitcoin appears to have room for growth, particularly as realized profits have not yet hit the $1.5 billion mark.

Since October 2023, the market has been profit-oriented, with inflows consistently surpassing outflows. This influx of new capital strengthens positive market sentiment and echoes the bullish momentum seen during the October 2023 rally, underscoring Bitcoin's potential for further appreciation.

In addition, positive spot ETF flows have been supporting Bitcoin's macro momentum. Despite a temporary outflow on May 6 due to uncertainty around the US Federal Reserve's interest rate decision, the overall trend in spot ETF flows remains positive, indicating strong demand that could bolster Bitcoin's price.

On the daily chart, Bitcoin is currently priced at $98,827, just below the critical $100,000 level and reaching a two-month high. If market strength continues and investor confidence stays high, Bitcoin could establish $100,000 as support, opening the way for more gains.

The next significant target for Bitcoin is $105,000, a crucial level for sustaining momentum and keeping Bitcoin in a six-digit range. Breaking through this threshold could pave the way for a potential move to $110,000 and extend the bullish trend.

However, if market conditions deteriorate and investor sentiment weakens, Bitcoin might struggle to breach the $100,000 resistance, potentially falling back to $93,625 and delaying any recovery.