After a consolidation phase below its previous high, Bitcoin establishes a new ATH, confirming its bullish momentum. Let's examine the prospects for the development of BTC.
Bitcoin (BTC) price situation
After peaking just below $104,000, Bitcoin went through a period of volatility, dropping its price to support at $91,000. While this may seem worrying, BTC price has rebounded, confirming the bullish interest at this level. Subsequently, it consolidated in the form of an inverse head-and-shoulders pattern between $94,200 and $102,000. Exceeding this figure allowed the resistance to be crossed, resulting in a new ATH at $107,800.
At the time of writing, the price of Bitcoin is trading around $106,000. Although a slight correction has taken place, it goes without saying that the short, medium and long term trend of BTC remains clearly positive. This observation is reinforced by the positioning of the 50 and 200 day moving averages, which continue to support its rise. Unsurprisingly, the bullish momentum of BTC has resurfaced, as evidenced by its oscillators and its price itself.
The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today trainer at Family Tradinga community of thousands of own-account traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and warm atmosphere.
Focus on derivatives (BTC/USDT)
Open interest in BTC/USDT perpetual contracts increased in parallel with the rise in the price of its underlying, reflecting a notable increase in speculative positions on the cryptocurrency. The upward revision of the CVD confirms that interest was predominantly long during Bitcoin's last rise. Concerning the financing rate, we observe that the size of buying positions remains greater than that of sellers, although it is not excessive. Finally, on the liquidation side, these remain low, testifying to a balanced market where buyers and sellers seem to accept the current direction of the cryptocurrency.
The BTC/USDT perpetual contract liquidation heatmap shows that Bitcoin has crossed a liquidation zone located around $104,000. This phenomenon did not trigger significant selling interest, as the BTC price remained above this level. Now, the notable liquidation zones over the past month are in a wide range between $98,000 and $102,300. Further down, we can identify the $90,000 zone. If the price approaches these levels, it could trigger a large number of orders, increasing the risk of volatility for the cryptocurrency. These areas therefore constitute crucial points of interest for investors.
Bitcoin (BTC) price forecasts
- If Bitcoin price manages to hold above $99,300, a continuation to the first resistance defined by the monthly pivot point at $108,500 could occur. Crossing this level could allow it to reach a new high at $110,000, corresponding to a Fibonacci extension calculated from the latest fluctuations in Bitcoin. This would represent an increase of around 4%.
It is important to note that hitting an all-time high makes it difficult to identify resistance levels.
- On the other hand, if Bitcoin fails to hold above $99,300, it could find a point of support around $94,300. A prolonged decline could then lead the price towards the $91,000 support. Finally, in the event of a more pronounced correction, the area between $89,000 and $87,000 would constitute a key support, the reaching of which could lead to a decline of around 18%.
Conclusion
Despite correction and consolidation phases, Bitcoin maintains a clearly bullish dynamic, supported by favorable technical signals and marked interest from buyers. This positive trajectory confirms the persistent confidence in its potential in the short, medium and long term. Nonetheless, it will be crucial to carefully monitor price reaction at key levels to validate or adjust current forecasts. Finally, remember that these analyzes are based solely on technical criteria, and that the price of cryptocurrencies can evolve quickly depending on other more fundamental factors.
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