🍕 Bitcoin Hits $111,888 on Pizza Day !
Bitcoin hits an all-time high at $111,888 as ETF inflows surge and analysts set sights on a $150K target.
On Bitcoin Pizza Day, BTC registered a new peak near $112K. As the uptrend gains momentum, Bitcoin is eyeing a potential surge toward the $117,000 mark.
🔸 Bitcoin Price Analysis
On the daily chart, Bitcoin’s uptrend continues with a series of bullish flag pattern breakouts. The initial flag pattern was breached in early May following a consolidation in late April. This led to a 9% rally to the $106,000 supply zone, followed by minor consolidation over the past week.
On Wednesday, a 2.65% surge in Bitcoin marked a bullish breakout from the second consecutive flag pattern, setting a new all-time high. The bullish trend has now produced a third consecutive bullish candle, with an intraday rise of 1.19%.
As the uptrend persists, the RSI line has entered the overbought zone, reflecting strong bullish momentum. Additionally, the 50-, 100-, and 200-day EMA lines continue trending upward, indicating increased bullish sentiment. These technical indicators suggest a potential continuation of the uptrend.
According to Fibonacci levels, the breakout above the 100% level at $106,184 opens the door to significant upside potential. The 1.272 Fibonacci extension at $120,452 is the next immediate resistance.
However, the flag pattern breakout suggests a more conservative target of $117,000. On the downside, the supply zone near $106K serves as immediate support.
🔸 Bitcoin Open Interest Hits New ATH, Nears $100 Billion
With Bitcoin reaching a new all-time high, the derivatives market has seen a notable increase in bullish sentiment. According to Coinglass, the OI-weighted funding rate has peaked at 0.0181%, signaling heightened bullish trading activity.
The rise in the funding rate is helping maintain the Bitcoin futures price in line with the spot price. Alongside this, open interest has surged nearly 18%, reaching $81.34 billion.
