Bitcoin is holding steady above the $91,780 Fibonacci level, trading around $94,000 after a recent surge. Analysts point to increased demand and positive metrics as potential bullish indicators for BTC, with hopes of reaching $106,000 and possibly breaking past previous highs. Derivatives also suggest a growing bullish sentiment among traders. Investors should exercise caution amid fluctuating market conditions.
Bitcoin is currently showing resilience above the critical 78.6% Fibonacci level, which sits at $91,780. With recent trading around $94,000, following a 10% surge last week, optimistic sentiments are brewing around the cryptocurrency. A slight recovery of 0.33% today, after dipping to an intraday low of $92,846, raises questions about whether the bulls can maintain this momentum towards a new all-time high.
In examining Bitcoin’s price action on the daily chart, the breakout from a double bottom pattern suggests bullish continuity, especially after surpassing that Fibonacci level. This recent consolidation phase might just be a short-term hiccup, as the price appears ready to continue ascending. Positive signals are noted, including the potential crossover of the 50-day EMA above the 100-day EMA, a bullish indicator, while concerns linger about the MACD’s minor pullback.
The recovery trend could push Bitcoin up toward the $106,000 mark, following a successful retest of the Fibonacci level. If things heat up further, the cryptocurrency might even reach new heights of $127,800 if a major breakout occurs. On the flip side, should there be a downturn, support lies at the 100-day EMA, which is valued at $88,244.
Analyst Ali Martinez is sounding optimistic, noting a surge in Bitcoin demand with almost 100 new entities joining the network, each holding over 1,000 BTC since late January. This influx points toward a robust accumulation trend, nearing its upper limit of one, which signifies growing confidence among long-term holders. Additionally, substantial inflows into U.S. Spot Bitcoin ETFs—reflecting 31,324 BTC—mark the highest weekly total in nearly a year, showcasing renewed institutional interest.
Meanwhile, Bitcoin derivative traders are also feeling bullish. Recent data from Coinglass indicates that long positions have surged to 53.74%, which has lifted the long-to-short ratio to 1.16. Such figures back a positive outlook for the upcoming week, correlating with a funding rate currently at 0.0038%. The overall sentiment suggests traders are expecting Bitcoin to maintain its upward trajectory.
Disclaimer: This piece is purely informational and shouldn’t be taken as financial advice. The opinions expressed may represent the author’s views and not those of The Crypto Basic. It’s advised that readers do their diligence before making investment choices. The Crypto Basic does not take responsibility for any financial losses incurred.
