What's up, my people! 🤩 The situation with Bitcoin is getting serious, and in a big way! Imagine that the price of this digital giant is right there, close to breaking its all-time high, while the big players in the financial world are pouring money in as if there's no tomorrow. Pure fire! 🔥
Look, Bitcoin is holding strong above $106,500, a level that has proven to be a wall since March! It's as if it's saying: "You won't move me from here, dad!" Analysts, who can't sleep thinking about this, say that if BTC breaks $110,545, hold on tight! Because it's heading into a new price discovery phase, where the sky is the limit! 🌌 And it's no joke, there are monthly support zones at $102,464 and $104,685 that are like the perfect cushion for an epic leap.
The thing is, Bitcoin doesn't stop consolidating at high levels, and all signals point to a long bullish trend. It has already surpassed $108,000, and experts are clear: the blame lies with institutional buying and those holding long positions. They are going all in!
Our buddy Rekt Capital, who is a pro at analyzing charts, tells us that Bitcoin has been holding above $104,400. This level used to be a resistance, but now it's a support that not even Hurricane Maria can take down! 🌪️ In the last seven weeks, BTC has tested it several times and always come out victorious. It's like an undefeated boxer! 🥊 And the weekly and monthly charts confirm it, with confluence zones at $102,464, $104,685, and $107,244. They are the foundations for a second wave of price discovery, folks!
Last month, Bitcoin closed above $102,464 and retested it cleanly, giving a bullish candle to the month of July that is a pleasure to see! This has boosted traders' confidence. If the price stays there, it's the perfect base to go above $111,000!
Right now, Bitcoin is hovering around $108,800, with a 2.39% growth over the past seven days. Its market capitalization is at $2.16 trillion, which is crazy! And the 24-hour trading volume skyrocketed by 17.45%, reaching $47.61 billion. There's movement here! 💰
Another one that's on fire, Michaël van de Poppe, whispers to us that the 4-hour Bitcoin chart is the perfect recipe for a breakout. It's just below $110,500, a level that used to be like a wall. But there was a liquidity sweep above $110,545 that triggered stop-losses, followed by a retest of $109,000-$110,000. This means traders are defending these levels, and buyers are ready for the final battle. If it surpasses $110,545, new historical records are coming! 🏆
And to top it off, our buddy Ali Martínez showed us a shocking stat from Glassnode: some long-time Bitcoin holders are starting to take profits. This isn't a reason to panic; it's more of a rotation of funds, not a panic sell. In previous cycles, this happened just before the price took a breather, but it always goes back up. It's like they are gearing up for the next round! 💪
Bitcoin is currently in a consolidation range between $104,400 and $111,000. The most recent weekly close broke the previous record, which is a good sign. If BTC manages to stay above $110,545 with good volume, traders expect it to shoot up to new historical highs!
And the proof that institutional interest is real: the Japanese company Metaplanet purchased 2,205 BTC for $238.7 million, bringing its total to over 15,555 Bitcoins! These guys want to be the fourth largest holders of Bitcoin by the end of the year! Unbelievable! 🤑
So, let’s stay alert, my people! Bitcoin keeps making headlines, and the party seems to be just getting started. Don't lose track of this train! 🚂$BTC