Bitcoin has closed the week above $104,500. Analysts argue this could be a sign of BTC’s bullish momentum toward new all-time highs.
Bitcoin could be gearing up for a bull rally following days of price consolidation in the $ 100,000-110,000 zone, potentially fueled by institutional profit-taking. The king of cryptocurrencies has closed the week at $104,500, sparking new enthusiasm in the market.
Are the Bulls Charging?
A look into the weekly timeframe suggests that buyers could be stepping in following a tug of war between the bears and bulls. With the $104,500 area acting as a key resistance zone, the current setup signals brewing bullish momentum.
As of press time, BTC is trading at $106,777, a 1.67% price surge alongside a 17% increase in trading volume over the past 24 hours, according to CoinMarketCap. Similarly, with BTC breaking the $104,500 key resistance zone, the 1-day moving averages have flashed “strong buy” as bullish momentum develops.
Bitcoin’s open interest has surged 2.56%, with the open interest (OI)- Weighted Funding rate turning positive again. With BTC price surging, $110,000 presents a key resistance zone. A break above this point could catalyze a rally aiming at $120,000 as BTC’s new all-time high in the mid-term. The market is closely monitoring the developing momentum as bulls take charge.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their research before making financial decisions.
