Bitcoin is once again at a pivotal point in its cycle, as it regains the level of $ 110,000 in a strong upscale step that holds hopes for the fresh leg. After months of monotheism and volatility, the leading cryptocurrency now tests critical resistance, as analysts closely monitor to discover prices. The step that exceeds the current levels can be distinguished to the beginning of a wide stage that pushes the wider market momentum.
Axel Adler has shared new data, confirming a renewed confidence. After standard screws in open interest (OI) – with 79 % growth in the spring of 2024, 59 % in the fall, and 36 % in May – the last 30 days witnessed a remarkable transformation. OI’s change has moved from a negative by -9 % to 5 % positive, indicating that traders again build future positions, although with more caution and leverage less than in the previous stages.
This shift comes in determining the location of the derivatives with the improvement of macro and the risk of appetizing gradually to the encryption space. However, the bulls will need a catalyst – whether it is a large technical or economist – to violate the resistance and maintain collapse. The coming days can determine the Bitcoin path for the rest of the quarter.
Bulls Eye Breakout as Bitcoin is close to its highest level
Bitcoin is approaching a critical moment as it flirts with its highest level ever. With the acceleration of the rise, many investors believe that the market is preparing for a new wide phase. However, with BTC trading near record levels, the risk of failed outbreaks grow. Feelings are still widely positive, supported by the rise in stock markets and a decrease in total economic uncertainty. However, analysts warn that unless Bitcoin decisively removes resistance soon, the possibility of correction at lower levels will increase.
The American stock market, which reaches its highest level, adds optimism, and often serves as the back wind of encryption. However, the collapse of more than $ 112,000 will require more than technical strength – it needs a catalyst. Axel Adler refers to the derivative market for early condemnation signs. Open growth (OI), which witnessed standard mutations of 79 % in the spring of 2024, 59 % in autumn, and 36 % in May, now moved from -9 % to +5 % over the past thirty days. This shift indicates that merchants return to the market with caution, despite a less aggressive lever.
Bears are expected to defend, at the same time, from the ATH region. In order for the bulls to succeed, it may be necessary to have a strong narration – such as presidential support, federal reserve signals, or total operators – necessary to awaken the appetite of risk and send bitcoin decisively to the discovery of prices.
BTC PRICE work: near the penetration point
The 12 -hour Bitcoin BTC/USDT chart is trying to be embarrassed over the resistance level of $ 109,300. After the multiple rejection operations in June and early July, BTC rose again, printing a strong candle that is now overwhelmed by the discovery of prices with a little lower than the highest level at $ 112,000 ever. The momentum has turned in favor of the bulls after a successful defense of the subsidy area of $ 103,600, which coincided with the backer of Smas 100 and 50 days, currently approximately $ 10,200.
This intermediate intermediate group was a dynamic support, as the authenticity of the upholstery was validated in the short term. The volume also increased slightly during the last batch, which is a positive sign after weeks of faded condemnation. A clean and sustainable break exceeds 109,300 dollars that will open the path towards re -testing aths and may enter a new wide stage.
However, merchants should be cautious about potential fake. This level has been a fixed resistance for nearly two months, and the refusal can send BTC to the support group of $ 106,000 or even the level of 103,600 dollars. Currently, bulls hold the upper hand, but follow -up over the resistance with a high size will be a key to confirming the real collapse and continuing in the new heights.
Distinctive image from Dall-E, the tradingView graph
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