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Bitcoin at the Edge: Can It Break Past Its All-Time High of $109,000?
Introduction: As Bitcoin trades close to $96,500, it has reignited discussions among traders and investors about a possible breakout beyond its previous all-time high of $109,000 (as per Binance data). The price action, supported by technical indicators, suggests an increasingly bullish sentiment in the market.
Technical Overview:
Current Price Action: Bitcoin is trading in a strong uptrend after bouncing from the $80,000 level. The daily chart shows a breakout above a critical resistance zone near $94,000–$96,000, which previously acted as a supply area.
Bullish Divergence: The RSI indicator on the daily timeframe shows a bullish divergence—while the price was making lower lows, RSI was making higher lows. This typically indicates a potential reversal and continuation of an uptrend.
Volume Confirmation: The recent breakout has been supported by increased trading volume, a strong confirmation signal for bullish continuation.
Market Sentiment & Macro Environment:
ETF Inflows: Positive institutional sentiment is visible with rising inflows into spot Bitcoin ETFs.
Interest Rates: A potential pause or cut in US interest rates could further drive risk-on assets like Bitcoin.
Halving Momentum: The recent halving event continues to play a psychological and supply-driven role in price expectations.
Possible Scenarios:
1. Bullish Case:
Break and Hold Above $100,000: A daily close above $100,000 could act as a psychological confirmation for a rally toward the $109,000 ATH.
Extension Levels: If Bitcoin breaks $109,000, Fibonacci extension suggests a move toward $123,000–$135,000.
2. Bearish Case:
Rejection at Resistance: Failure to hold above $96,000 may trigger a pullback to $92,000–$90,000.
Bearish Divergence on Lower Timeframes: Short-term RSI divergences may lead to corrections.
Futures Trading Strategy:
Entry Point: A confirmed breakout above $100,000 with strong volume could be an ideal long entry.
Stop Loss: Below the breakout zone, ideally around $96,000.
Take Profit Zones: $109,000, $115,000, and $123,000.
Risk Management:
Never use more than 1–2% of your capital per trade.
Monitor liquidation price closely if using high leverage.
As per my assumption, based on the chart structure and macroeconomic tailwinds, Bitcoin is gearing up for a test of its previous all-time high. If it can decisively break above the $100,000 level, we may witness a fresh bullish leg that could surprise even seasoned investors.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please do your own research(DYOR) before investing or trading.
Technical Overview:
Current Price Action: Bitcoin is trading in a strong uptrend after bouncing from the $80,000 level. The daily chart shows a breakout above a critical resistance zone near $94,000–$96,000, which previously acted as a supply area.
Bullish Divergence: The RSI indicator on the daily timeframe shows a bullish divergence—while the price was making lower lows, RSI was making higher lows. This typically indicates a potential reversal and continuation of an uptrend.
Volume Confirmation: The recent breakout has been supported by increased trading volume, a strong confirmation signal for bullish continuation.
Market Sentiment & Macro Environment:
ETF Inflows: Positive institutional sentiment is visible with rising inflows into spot Bitcoin ETFs.
Interest Rates: A potential pause or cut in US interest rates could further drive risk-on assets like Bitcoin.
Halving Momentum: The recent halving event continues to play a psychological and supply-driven role in price expectations.
Possible Scenarios:
1. Bullish Case:
Break and Hold Above $100,000: A daily close above $100,000 could act as a psychological confirmation for a rally toward the $109,000 ATH.
Extension Levels: If Bitcoin breaks $109,000, Fibonacci extension suggests a move toward $123,000–$135,000.
2. Bearish Case:
Rejection at Resistance: Failure to hold above $96,000 may trigger a pullback to $92,000–$90,000.
Bearish Divergence on Lower Timeframes: Short-term RSI divergences may lead to corrections.
Futures Trading Strategy:
Entry Point: A confirmed breakout above $100,000 with strong volume could be an ideal long entry.
Stop Loss: Below the breakout zone, ideally around $96,000.
Take Profit Zones: $109,000, $115,000, and $123,000.
Risk Management:
Never use more than 1–2% of your capital per trade.
Monitor liquidation price closely if using high leverage.
As per my assumption, based on the chart structure and macroeconomic tailwinds, Bitcoin is gearing up for a test of its previous all-time high. If it can decisively break above the $100,000 level, we may witness a fresh bullish leg that could surprise even seasoned investors.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please do your own research(DYOR) before investing or trading.
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