Bitcoin’s recent market entry at $95,000 has sparked interest among traders. The support area saw a significant influx of traders, leading to uptrends upon retests. A high number of taker orders shrank to a minimum, while the funding rate remained consistently positive.
This zone proved to be a strong support level, confirming its role in sustaining Bitcoin’s uptrend. Following this confirmation, the price rose to around $97,505, indicating potential continued momentum. However, future movements will depend on market dynamics and trader responses at these levels.
Further analysis revealed a symmetrical triangle breakout, with the price rising to $98,439.50. This pattern typically resolves in the direction of the previous trend, which is bullish in this case. If Bitcoin breaks above resistance around $99,000, it could signal a continuation of the bullish trend, potentially challenging the $100,000-mark.
Conversely, a break below the triangle’s support around $95,500 could lead to a retest of lower support levels near $92,660 or even lower. The net taker volume and funding rate also provide insight into the market. A decline in aggressive market entries and consistently positive funding rates suggest underlying strength.
The uptrend in Open Interest hints at increasing engagement despite stagnant prices. This buildup could be seen as a precursor to a potential price breakout. While cautious optimism is warranted, trader participation will continue to play a crucial role in determining Bitcoin’s future movements.
Source: https://ambcrypto.com/entered-bitcoins-market-at-95k-heres-what-you-can-expect