This month, Bitcoin is in the spotlight, and analysts point out that it may return to certain key price levels. Analyst Plan B believes that the RSI returning to the 75 level is an ideal time for Bitcoin to break through $130,000 in June. The market relies on breaking through the $130,000 level to maintain upward momentum.
A large number of short liquidations has led to an increase in bullish sentiment
According to data from the analysis platform Coinglass, the total open interest has increased by 4.94%, reaching $75.96 billion, and the open-weighted funding rate has shifted from negative to positive, at 0.0041%. The current long-short ratio is 1.071, which is relatively optimistic, indicating that most traders are bullish on future trends. However, in the past 24 hours, the liquidation amount of long positions rose to $7.52 million, but is far less than the short liquidation amount of $62.08 million.
B Bitcoin's growth potential: Maintaining key levels will enhance growth momentum
Analyst Michael van de Poppe pointed out that if Bitcoin remains above key levels, it may attract more buying interest. As buyers enter the market, sellers have to cover their losses, which could lead to further price increases. With Bitcoin approaching $108,900, its upward trend is expected to accelerate.
He pointed out that if Bitcoin maintains above important levels, its price is more likely to rise. As long as Bitcoin stays above support, additional buying from traders could drive an upward trend.
B Bitcoin's bullish outlook
Analysts expect more positive developments this week. Bitcoin has the potential to break through the resistance it currently faces. If this happens, Bitcoin's price may see a larger increase in the coming days.
As long as Bitcoin continues to rise and maintains above certain high points, the target of $130,000 is achievable. As of the time of writing, BTC is trading at $107,778, having risen 1.64% in the past day.
The current surge in BTC open interest and the rise in funding rates indicate that a positive outcome may occur in June. The bullish sentiment among traders has taken the lead, although the increase in long liquidations is concerning. As Bitcoin continues to soar, traders should remain vigilant of key levels and monitor price movements.