Bitcoin Bull Score Index reaches 60, signaling renewed market optimism and growing demand for Bitcoin.
Bitcoin surges above $90K, eyeing the psychological $100K resistance level amid strong buyer momentum.
On-chain data shows rising leverage and long positioning, suggesting Bitcoin could break past its ATH soon.
The price of Bitcoin has started to rise again, and the latest signal has traders excited. The Bitcoin Bull Score Index recently reached 60, a milestone that’s reigniting optimism in the market. Demand for Bitcoin and stablecoins is picking up, and the overall sentiment is shifting in favor of the bulls. With Bitcoin’s price pushing through key resistance levels, the stage could be set for something bigger. Let’s dive into what’s driving this new wave of market enthusiasm.
https://twitter.com/cointelegraph/status/1916711705138102720 Bitcoin’s Bullish Push: $100K on the Horizon
Bitcoin’s price action shows how strong the current rally is. The cryptocurrency has powered through a major resistance zone, climbing above both the 100 and 200-day moving averages at $90K. That’s a huge deal because these moving averages represent key areas where buyers have been stepping in to assert dominance. At press time, Bitcoin was eyeing the psychological $100K mark. This level isn’t just significant in terms of price. While Bitcoin is getting close to this threshold, expect some consolidation around $100K before any major breakout. If Bitcoin does manage to push past this barrier, there’s a real chance it could revisit the all-time high (ATH) levels. But, if Bitcoin struggles to break through, the market could see a short-term pause as traders reassess.
On-Chain Indicators and History Point to More Gains
Looking at on-chain data gives us more reasons to be optimistic. After Bitcoin’s corrections in October 2023 and September 2024, the market saw a familiar pattern: Binance Futures funding rates dipped into negative territory. This happens when investors aren’t confident during long periods of price decline or consolidation. But when Bitcoin finally breaks out, those same investors tend to jump back in, causing funding rates to rise as traders get more bullish.
Now, Bitcoin has surged more than 28% off its recent lows, and funding rates are following the same pattern. There’s a noticeable increase in long positioning, which indicates that traders are gearing up for the next big move. This same trend played out during previous recoveries, suggesting that Bitcoin could be primed to break past the previous ATH.
Considering everything—market sentiment, technical charts, and on-chain data—Bitcoin looks well-positioned to make a push for new highs. With the Bitcoin Bull Score Index at 60, the bullish momentum seems set to continue, bringing renewed hope for anyone watching the market. As Bitcoin moves closer to that elusive $100K, all eyes are on the next potential breakthrough.
