and funding rates signal crowded longs. Without a proper base above $111K,this parabola risks a sharp mean reversion Caution >euphoria.
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#Bitcoin has made a remarkable achievement, reaching an unprecedented peak of $111,888 on Pizza Day! This milestone is a testament to the cryptocurrency's growing momentum, driven in part by the surge in ETF inflows. As a result, analysts are becoming increasingly optimistic, with some setting their sights on a target of $150,000.
The current uptrend in Bitcoin's price shows no signs of slowing down, with technical indicators suggesting a potential surge to $117,000. The Relative Strength Index (RSI) has entered the overbought zone, reflecting strong bullish momentum, while the 50-, 100-, and 200-day Exponential Moving Average (EMA) lines continue trending upward, indicating increased bullish sentiment.
Furthermore, the derivatives market has seen a notable increase in bullish activity, with the open interest-weighted funding rate peaking at 0.0181%. This rise in funding rates is helping to maintain the Bitcoin futures price in line with the spot price. The open interest itself has surged nearly 18%, reaching an impressive $81.34 billion and nearing the $100 billion mark.
As the cryptocurrency market continues to evolve, it's clear that Bitcoin's momentum is being driven by a combination of factors. With its price continuing to climb and bullish sentiment dominating the market, the question on everyone's mind is: what's next for the king of crypto? #bitcoin $BTC
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