Bitcoin Bulls Rest, Prepping For Rally To $101.5K
Bitcoin bulls are consolidating after a rally, potentially retesting support before another push toward $101.5K.Summary
Bitcoin's risk sentiment has turned bullish following a futures-led advance to $95,000, marked by tightening consolidation and higher lows. Current technical indicators show the price above the 20-day moving average, which is converging with the 50-day MA. After failing to hold $95,000, some traders are taking profits, anticipating a retest of support around the 20-MA at $89,400, where long liquidations are clustered. If the current trend continues, another attack on $95,000 could trigger short covering and liquidations, potentially opening the way for a 13% rally to $101,500 by exploiting a gap in the volume profile. Recent price action was heavily driven by perpetual futures trading, with a significant surge in buy volume liquidating shorts when BTC hit $94,800.
(Source：Cointelegraph)