BTC (Bitcoin) has given the best weekly performance for two months, raising 4.24%to $ 88,804. The BTC also regained its optimistic position on the chart and ended the 200 -day index (EMA) of the daily chart.
Bitcoin 1 day chart. Source: COINTELEGRAPH/TradingView
The possibility of BTC testing more than $ 84,600 every week increases $ 90,000. However, BTC prices must overcome the descent level and create sustainable movements at the highest range.
Bitcoin correction is “healthy suspension”.
Bitcoin researcher AXEL Adler Jr. explained that the current price cycle reflects healthy integration rather than the beginning of the bear market based on the onchain indicator. Adler Jr. said that, as pointed out by BTC’s investor price model, it has not yet entered the “overheating” area in the BTC cycle.
The metrics flashed the sales signal twice in 2021, and the model includes realized caps, thermal caps, investor prices and bitcoin supply.
Adler used Bitcoin’s cumulative value (CVDD) to claim that the market remained in the “growth stage”.
Bitcoin cumulative value date. Source: AdlerCryptoinsights / Substack
The CVDD Metric Monitor sells activities among long -term holders. Currently, the bull (2024-2025) triggered the sales signal only once in March 2024.
“Considering the current market epidemiology, you can see that Bitcoin will benefit from the main peak level ($ 123K).
In the above analysis, Adler Jr. predicted that Bitcoin could rise to $ 130,000 within 90 days.
Related: Bitcoin needs to find a level 2025 level in order to avoid the new lowest.
Bitcoin Open Interest increases $ 1.5 billion in 24 hours.
According to Velo Data, Bitcoin’s public interest (OI), which represents the total value of future future contracts, has exceeded $ 1.5 billion over the last 24 hours.
Meanwhile, the rate of financing that reflects the cost of maintaining the location of use has been maintained in a neutral state. This suggests that the strong (long) or weak (short) merchants have not dominated.
Bitcoin price and aggregated public interest. Source: velo.chart
Bitcoin has risen rapidly on Sunday, March 23. Such weekend price rally is often low in trading volume because larger market participants tend to step down until a week begin. In these scenarios, amplifying leverage transactions can greatly affect price movement.
In the X Post, anonymous password analyst IT Tech PL pointed out that the BTC exceeded $ 87,500. But the analyst added.
“But there’s a catch: high OI + fast price hike = liquidation cascade risk!”
Bitcoin 4 hours chart. Source: COINTELEGRAPH/TradingView
From a technical point of view, Bitcoin registered the new best for $ 88,750 last week. However, as the chart exhibited, the price was tested with the lower resistance and the upper Bollinger Band. BTC is also vibrating in the uphill channel.
Based on the above joining, the BTC can witness short -term corrections for testing the demand area about $ 86,000 and about $ 87,000 before penetrating the $ 90,000 critical value.
Related: Michael Saylor’s strategy surpasses 500,000 Bitcoin with the latest purchase.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.