Bitcoin

Bitcoin Metrics Suggest New Highs Happen This Week

The main dishes to remember:

  • Bitcoin joined over $ 109,000, the world money supply, it has reached new heights.

  • The open interests of the BTC increased by 10% in the middle of a strong coinbase bonus and a stable financing rate, pointing to demand.

  • Several technical indicators suggest that a major escape is underway, analysts considering a bitcoin price of $ 137,000.

The Bitcoin price (BTC) jumped on Wednesday, increasing by 3.6% and reaching $ 109,730 for the first time since June 12. The recovery occurred at the rear of the world money supply (M2), reaching a new record greater than 55 billions of dollars.

If Bitcoin closes the daily candle above $ 108,500, this will confirm a strong scheme of swallowing up bruise, increasing the probability of new summits as soon as possible.

Bitcoin 1 day. Source: Cointelegraph / TradingView

Bitcoin’s open interest exceeds 10% during the rally

The recent Bitcoin price jump at $ 109,500, against $ 105,200, was described by a strong increase in the activity of derivatives, highlighting a renewed momentum. Open interests (OI) through the main term scholarships increased by 10%, or about $ 3.2 billion, which reports a substantial capital of capital on the market. The increase was mainly motivated by long positions, suggesting confidence in a new increase.

Bitcoin Price, aggregate open interest, financing rate and Coinbase bonus. Source: Velo.chart

Despite the rise in prices and the OI, funding rates remained stable in perpetual term markets. This indicates a balanced feeling between long and short traders, and more importantly, that the rally was not driven by an excessive lever effect. From a bullish point of view, stable funding during a price increase implies that the upward trend can be more durable.

A short notable pressure accompanied this decision, with more than $ 196 million in short positions liquidated in the last 12 hours. This liquidation cascade has probably accelerated the resistance levels of the Bitcoin keys.

Validate the force more on the side of the purchase, the Bitcoin Coinbase Premium index has remained high throughout the movement. This metric, which follows the price difference between Coinbase and other major exchanges, suggests a coherent points of purchase of points from institutional and American detail, adding weight to the Haussier affair.

Related: Bitcoin Price Target ‘is around $ 170,000’ because the M2 world offer reaches a high record

Is a BTC waiting for all time?

With Bitcoin, which was decisively emerging from its recent side range, market analysts are more and more confident that a new summit of all time is imminent. According to Trader Rekt Capital, a closed weekly record greater than $ 109,300 this Sunday could place BTC above its final final resistance zone, effectively “unlock” prices and pave the way for new heights.

Adding to the Haussier story, analyst Jackis stressed that Bitcoin has recently reached its lowest levels of volatility since 2023, a rare event has only seen seven times in its history. “Whenever we have reached these levels, a major volatility peak followed within five weeks, often earlier,” said Jackis, suggesting that a significant movement is on the horizon.

Meanwhile, the Titan Technical Analyst of Crypto underlined a confirmed MacD Haussier crossing crossing on the daily graph as a key momentum signal. The analyst added that BTC is trying to escape a bull’s house scheme, with a successful thrust probably triggering a “magnet effect” to the $ 137,000 region.

Coinbase, cryptocurrencies, bitcoin price, markets, future bitcoin, price analysis, market analysis
Bitcoin 1 day analysis of graphics by crypto titan. Source: X

Related: Bitcoin tightens shorts in $ 108,000 peak while American jobs drop the most in 2 years

This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.