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Bitcoin Blasts Past $98,000: Is $100K Next, Or A Trap?

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Bitcoin has soared previous the $98,000 on Thursday, fueling intense debate amongst merchants over whether or not the $100K milestone is once more inside attain or if the present rally is susceptible to a swift correction. Behind the scenes, market observers level to surging open curiosity (OI) and elevated leverage, spotlighting the potential of a leverage-driven push.

Bitcoin Rally Or Entice?

CryptoQuant group analyst Maartunn (@JA_Maartun) warned of a “leverage pushed pump,” noting a $2.4B soar in Bitcoin’s OI inside 24 hours. By way of X, he wrote: “Leverage Pushed Pump: $2.4B (7.2%) improve in Open Curiosity in Bitcoin over the previous 24 hours.”

Confirming these observations, well-known crypto commentator Byzantine Normal (@ByzGeneral) highlighted the numerous function of recent lengthy positions in propelling costs increased: “Plenty of recent longs coming in right here on BTC which is shoving value increased. Kinda humorous that all the market is getting lifted proper now off the again of those degen longs right here.”

Analysts from alpha dojo (@alphadojo_net) echoed sentiments of warning, underscoring a notable hole between futures-based open curiosity and spot-driven purchases: “BTC continues to grind upwards, whereas the OI rises steadily, however there may be little spot shopping for. BTC is now approaching the higher finish of the vary once more. Plainly some market contributors have tried to frontrun Saylor‘s deliberate $2 billion bid.”

Although the prospect of a big purchase may propel the market, they warn that with out recent catalysts like a “short-term narrative or optimistic information, it at the moment appears to be like like BTC will battle to sustainably pump above the $100k mark.”

Famend crypto analyst Bob Loukas offered a cyclical framework for decoding Bitcoin’s value actions, noting that the market could also be approaching the top of 1 multi-week cycle and the beginning of one other: “We’re on verge of finishing a Bitcoin Weekly Cycle, as I’ve been sharing final 6 weeks. For context, there have been simply 5 weekly Cycles because the 2022 bear market lows. (Avg 6month occasions). 4 of those cycles had 90-105% strikes. One didn’t do a lot (June-Sept 23).”

When requested if this indicators an imminent market prime, Loukas clarified:“I’m saying we’re about to start a brand new one. Cycles all the time start from the lows.” His feedback recommend that whereas a cycle transition is imminent, it doesn’t essentially equate to a market peak—moderately, it may mark the beginning of a brand new uptrend.

Technical analyst Rekt Capital (@rektcapital) emphasised the importance of Bitcoin’s each day shut above the $97,700 threshold, suggesting {that a} profitable retest of this zone may pave the best way for a transfer past $100,000: “The early-stage momentum generated by the Bullish Divergence has translated itself into this latest breakout transfer. And with the latest Each day Shut above ~$97700, Bitcoin will now attempt to retest mentioned degree as help to allow pattern continuation.”

He additional elaborated on Bitcoin’s relative energy index (RSI) channel, implying that the break above a collection of decrease highs might sign the following leg up: “Over time, Bitcoin’s value continued to retest the blue trendline as help. And the RSI continued to carry its Channel Backside. These days, the RSI broke its collection of Decrease Highs, indicating that the RSI could also be able to uptrend to the Channel High.”

Bitcoin price analysis

Wanting forward, a transparent retest of $97,700 as help may verify Rekt Capital’s bullish outlook: “Each day Shut above $97700 has been profitable (mild blue). Any dips into $97700 would represent a retest try. A post-breakout retest of $97700 into new help would totally verify the breakout to place BTC for a rally to $101k resistance.”

At press time, BTC traded at $98,645.

Bitcoin price



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