1⃣James Wynn's opinion (who recently opened a long position of over $500 million+ with 40x leverage): on the weekly MACD, we are in the bullish zone for the first time since November/December. The fake-out on Sunday was a trap for longs, and after the drop at $102.2K, it seems that major players have exhausted their pressure; moreover, $100K is a strong psychological support with large limit orders below, and against this backdrop, along with the reversal signal on the weekly MACD, I have increased my position, expecting a surge to $118K as early as next week - while remaining prepared for short-term volatility and managing risks.
2⃣Many are talking about a potential "double top" as BTC struggles to break its historical high. However, the BFI index shows a different picture: there are no signs of bearish divergence. In a true double top, the BFI would have collapsed, but even during the February-March correction, it remained neutral, showing no weakness. The strength of on-chain metrics persists - bears will have to wait.
3⃣Bitcoin is recovering without signs of overheating, which distinguishes this cycle from previous ones. Instead of spikes in buying volumes and funding rates on Binance, there is even a decline despite the price increase. This is a positive signal.
4⃣Implied volatility is at multi-year lows, and the funding rate is barely positive, indicating a decline in retail leverage. Instead of the expected growth from global adoption, it is long-term investors who are accumulating and holding Bitcoin, creating a "quiet bull run" without active participation from retail traders.
5⃣Is Bitcoin ready for new historical highs? Here’s what to pay attention to: the price is at a major resistance level; a "hanging man" candlestick pattern is forming; bearish divergence is observed in the RSI; a bearish crossover in the MACD is occurring.
6⃣Meanwhile, a golden cross is almost formed. In the last two instances, Bitcoin rose by 121% and 68%. All eyes are on the target of $110,000.
