With Bitcoin bouncing off $100k to reach a new all-time high, will the BTC price reach a projected milestone of $111K?
The total cryptocurrency market capitalization has reached $3.62 trillion, and Bitcoin (BTC) has experienced significant fluctuations. Specifically, today, the excitement around Donald Trump’s swearing-in ceremony led to a surge in Bitcoin’s price.
Now that a new all-time high has been set, will Bitcoin’s rally continue and push the price above $110k?
Bitcoin Price Analysis
Notably, BTC dropped by 3.06% last night, falling from $104,432 to a closing price of $101,237. The price also hit a 24-hour low of $99,462 before rebounding to close above $100K.
Currently, Bitcoin is trading at $107,601, with an intraday gain of 6.29%. This indicates two consecutive daily candles showing lower price rejections, reflecting strong underlying demand.
The current candle has formed a bullish engulfing pattern, with a 24-hour high of $109,356. This suggests the overnight correction has faded as Bitcoin price surpassed the December peak of $108K.
Key exponential moving averages remain aligned positively despite short-term fluctuations. Additionally, the daily RSI maintains an upward trend, staying above the midpoint. Thus, technical indicators suggest a positive outlook for Bitcoin’s price movement.
Bitcoin Derivatives Turn Volatile
The derivatives market has become increasingly optimistic with the fresh volatility in Bitcoin prices.
Open interest has increased by 3.69%, reaching $70.80 billion. The long-short ratio has surpassed the unit ratio, indicating a greater number of bullish positions.
Moreover, the funding rate for BTC remains positive at 0.0141%. This suggests the derivatives market is still optimistic about Bitcoin’s upward trend despite a rise in bearish positions.
BTC Price Target
Based on price action analysis, the next trend in Bitcoin’s price will likely push beyond the $110k mark, as previously projected in our analysis.
However, if the price closes below $100,000, Bitcoin could potentially drop to the $95,119 support level.