With a new all-time high formation at $81,888, the Bitcoin (BTC) price trend aims to cross $90,000 in this bull market.
With the crypto market reaching the $2.7 trillion mark, Bitcoin created a new all-time high near $82,000, resulting in a new altcoin season.
Currently, Bitcoin is trading at $80,878 with a market cap of $1.6 trillion. With a weekly increase of nearly 20%, BTC’s price trend teases a massive surge ahead.
Bitcoin Price Analysis
Looking at the daily chart, Bitcoin’s price action reveals a breakout from a falling channel, which acted as a flag pattern within the broader bull run of early 2024. Following the breakout, Bitcoin saw a post-retest reversal from the 78.60% Fibonacci retracement level at $67,690.
Since then, Bitcoin has surged by nearly 20%, with seven consecutive bullish candles. The price is now heading toward the 1.272 Fibonacci level at $82,663, which could act as the next key resistance.
Analyst Warns of ~$1B in Liquidations as Open Interest Nears $50B
Amid the bull run, the Bitcoin open interest has risen by 2.59% in the past 24 hours, reaching $49.06 billion. With the volumes crossing above $104 billion with a 53% surge, the broader market sentiments for Bitcoin are extremely bullish.
Over the last 24 hours, $121 million worth of positions in Bitcoin derivatives were liquidated. Short-sellers incurred $84.34 million in losses, while long positions were hit with $37.47 million in liquidations.
On Binance, the top traders maintain a long-to-short ratio of 1.50 based on positions, which supports the bullish trend. However, the long-to-short ratio based on accounts is 0.73, suggesting a potential minor pullback.
Crypto analyst Ali Martinez recently tweeted that nearly $1 billion in liquidations could occur if Bitcoin’s price falls to $77,250. This would trigger a cumulative long liquidation of approximately $999.67 million.
Will Bitcoin Cross $90,000?
As the bull market continues, technical indicators point toward further upside. The 100-day and 200-day simple moving averages (SMAs) are signaling a potential positive crossover, while the MACD and signal lines remain in a bullish trend, confirming a “BUY” signal.
Institutional support is likely to increase, especially with potential U.S. Bitcoin Spot ETFs, which could fuel further bullish sentiment. The strong performance of crypto-related stocks, such as MicroStrategy, also adds to the optimistic outlook. MicroStrategy’s Bitcoin holdings are now valued at $20 billion, with MSTR stock climbing 17.42% last week, yielding 100% returns.
With a breakout above the 1.272 Fibonacci level at $82,663, Bitcoin could continue its rally toward $90,000. By the end of the year, Bitcoin’s bull run could reach $94,119, the 1.618 Fibonacci extension. However, a minor retest of the $80,000 mark is also a possibility.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
