#bitcoin 's new leg higher is underway, starting with a new | Salauddin Sadman on Binance Square

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Salauddin Sadman

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#bitcoin 's new leg higher is underway, starting with a new ATH, and a new highest weekly close.
Next target: $150,000.

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Salauddin Sadman

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$SOON bullish breakout 🚀 @soon_svm is a high-performance SVM Rollup designed to realize the super adoption stack. It has $65M+ in TVL, 3.8M active users, and offers 30K+ TPS. Recently it broke above its key resistance level and is now consolidating. If this support zone holds, SOON could rally towards $1.3-$1.5 in Q4.

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$BTC Lovely bounce off $120K low Let's a do a bit of a recap here: Pretty clear $120K is respected demand thus far for the market - Binance Spot CVD ticks up around $120K with buyers interest - Perps continually quoted bids around $120K with short positioning closing out overall (Perp CVD up & OI down + Price rebound) Moving forward I think we set a new value area between current low & high ($126K - $120K) Very much clear supply above $126K, may trade similarly to previous value area.

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$BTC and alts open interest have both surpassed December 2024 highs. Meanwhile, prices are also at the same level for most alts. It seems like retail is getting greedy in Q4, and this isn't a good sign.

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$BTC Seen a big amount of Open Interest enter over the past week. $7B of OI got added which is about +19% of global OI added. This is not entirely in line with the price which is up +13% during this timeframe. Safe to assume there's been quite a bit of chasing by longs, especially since the $120K+ break. It's not completely out of proportions but to get a sustainable run, I'd rather see OI come down slightly first. If it keeps running at this pace we risk putting getting overheated earlier. Currently spot/ETF bid has been strong which has kept this rally going. But to sustain this in the short term, those also need to keep bidding.

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The last 2 bottoms of $BTC happened below the EMA-50 level. Right now, it's sitting around $100K. Is this time different?

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