The bullish Momntum returned as Bitcoin has reached the highest level ever at $ 109,000, and was recovered from the lowest level in the previous day of $ 10,4200.
This gathering has sparked wider gains in the cryptocurrency market, raising the level of the total market value of more than $ 3.5 trillion for the first time since early February.
The feelings of investors remained strong, with the Crypto Fear & Greed index in 70, firmly in the lands of “greed”.
In Altcoin Market, the gains were mostly concentrated in the distinctive symbols of low size, while the main cryptocurrencies have spread more modest gains.
Will the price of bitcoin increase?
With Bitcoin’s dominance by 63.1 %, you hover without resisting 108,000 dollars, traders closely monitor signs of collapse.
Bitcoin Futures’s open interest has increased to the highest level for more than 78 billion dollars, according to COININAS data, as more than 11 % increased in the past 24 hours alone. Accumulation indicates exposure to the benefit that traders define the upward trend.
The liquidation temperature maps show a dense set of short situations that exceed $ 108,000, with more liquidity ranges exceeding $ 110,000.
BTC/USDT 24 hours heat map. Source: Glassnode.
If BTC wipes this resistance in the short term, this may lead to a strong short pressure, forcing the homosexuality to relax and taste more bullish momentum.
Continuous institutional flows enhance this scenario. Over the past two days, the investment funds circulated in the United States in the United States have registered nearly a billion dollars in the new capital. Fixed demand from institutional players provides a solid basis for the Bitcoin price, even amid a high crane.
While the risk of correction in the short term, especially in such a subsidized environment, the current setting prefers bulls.
It can open a clean break more than 108,000 dollars, the door for price discovery, with a $ 110,000 region – $ 112,000 as a major region next to seeing it.
According to the famous merchants and investor Arthur Hayes, it represents a level of $ 110,000, a major psychological resistance, and a major psychological resistance, if breached, can pave the way for a march of about 150,000 dollars – 2000,000 dollars by the end of this session.
On the shortest time frames, analysts say a new height of all may be imminent.
The famous trader Alphabtc indicated that Bitcoin has been circulated in an upward channel since it started recovery on April 9.
In the May 21 publication, he said that the preparation indicates an imminent outbreak, as the original recovered the highest level ever.
BTC/USD scheme 12 hours. source: alphabtc
The following resistance is directly higher, but Alphabtc expects this to be cleared soon, indicating the “grinding and pop” pattern, as the largest players use a frequent activity by bears to gradually pay prices.
If the hack is achieved, Bitcoin is expected to target $ 115,000 in the short term.
The founder of the MN Capital Michael Van de Poppe chanted similar feelings as he predicted a higher course of $ 200,000, as he was based on his thesis on the lack of confidence in the Fiat currencies.
In a publication on May 20, he said that Bitcoin is heading to its highest level “faster than expected”, as more people move away from reducing the value of the US dollar.
According to Van de Bobby, this structural shift in capital preference can push the continuous demand, which leads to the pushing of BTC beyond its current range and the gathering extends to the lands of six numbers.
Meanwhile, Mags, which follows the performance of Bitcoin in half, expects that the current upward trend will be crowned in a high new cycle near $ 215,000, making it the most important bull so far.
#Bitcoin – The largest bull round ever.
When writing, BTC was traded at $ 108,546, an increase of approximately 4 % a day. The weekly RSI in Bitcoin reached 54.41, indicating that there is still a wide range of convergence before excessive conditions in the peak.
BTC/USDT weekly. Source: TradingView.
All eyes are now on the $ 110,000 sign, which is seen as the following main resistance and a possible launch platform for the most explosive step in the course so far.
Altcoin market summary
Over the past 24 hours, the maximum Altcoin market has increased by 3 % to more than $ 1.36 trillion, with the Altcoin 25 season index, which means that Bitcoin still dominates the direction of the market.
ETHEREUM (ETH), the pioneering pioneer in the market in the market, increased by 3 % during the day to $ 2550, while other large symbols such as XRP (XRP), Solana (Sol), Dogecoin (Doge) and Cardano (ADA) increased between 1-5 %.
Dogwifhat (WIF), PI (PI) and Fartco (Fartcoin) stood with the highest gains between the best 100 altcoins, all about 10 %. see below:
source: Coinmarketcap
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