- Bitcoin has a bullish structure and the retracement up to $ 93.4k was a temporary setback.
- The liquidation heat showed that BTC would probably be pulled up by the magnetic zones.
In the early hours of May 8, Bitcoin [BTC] reached the heights of $ 99.8k, which started to turn just below $ 100k marking.
It came after the Federal Reserve kept its interest rates unchanged after an optimistic job report. The FED concluded that the economy is “in solid form” despite the internship flat risks.
Technical analysis showed that BTC could be ready to go to the all time at $ 108.7K. Statistics showed that a bullish phase was present, but the market was not overheated and made room for further profit.
Bitcoin investors prepare for an outbreak of more than $ 100k
Source: BTC/USDT on TradingView
Three months ago, at the beginning of February, Bitcoin dropped under the psychological $ 100k marking and pulled down to reach $ 74.5k in the first week of April. The price trend has since changed quickly.
A short -term range developed in the past two weeks, but Bitcoin has risen vastly beyond the local highlights at $ 97K.
The OBV was in a steady rebellion last month and challenged the highlights of January. This was a strong bullish sign because it underlined the heavy purchasing pressure.
The MFI was 70 to show bullish momentum, but was not crossed to Overbought Territorium. Neither of the indicator has formed a bearish divergence, although Thursday’s trade session can change that.
The 3 -month liquidation heat showed that a cluster of liquidation levels was on the way to the btc bid on a new of all time. The region of $ 100k $ 107k was a magnetic zone that would probably attract prices.
That is why traders can expect the ATH to be approached, possibly even surpassed.
The $ 91.6k $ 92.3k was also a liquidity cluster that could be important. The proximity and size of the overhead of the liquidation levels made them a more likely target.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer