Bitcoin exceeded $ 98,000 on Thursday, fueling an intense debate among traders as to whether the milestone of $ 100,000 is again at hand or if the current gathering is vulnerable to a quick correction. Behind the scenes, market observers highlight the rise of open interest (OO) and the increase in the lever effect, highlighting the possibility of a lever effect.
Bitcoin Rally or Trap?
Community analyst of cryptocurrency Maartunn (@ja_maartun) warned against a “lever effect pump”, noting a jump of 2.4 billion dollars in the Bitcoin oi within 24 hours. Via X, he wrote: “Levary pump Drive: $ 2.4 billion (7.2%) Increased interest in Bitcoin in the last 24 hours.”
Confirming these observations, the well -known byzantine cryptographic commentator General (@byzgeneral) stressed the important role of new long positions in the propulsion of higher prices: “Many long long arrives here on BTC, which pushes the price. A little funny that the whole market is rising right now at the back of these disgars here. »»
The analysts of Alpha Dojo (@alphadojo_net) echoed feelings of prudence, highlighting a notable gap between the open interest based on future and purchases focused on stains: “BTC continues to grind up, while that the OI increases regularly, but there is little purchase of points. BTC again approaches the upper end of the beach. It seems that some market players have tried to make the expected supply of 2 billion dollars of Saylor. »»
Although the prospect of a big purchase can propel the market, they warn that without new catalysts as a “short-term story or positive news, it currently seems that BTC will find it difficult to pump permanently above the bar of $ 100,000 ”.
The renowned crypto analyst Bob Loukas provided a cyclic framework to interpret Bitcoin price movements, noting that the market can approach the end of a cycle of several weeks and the start of another: “We are on the Not to finish a weekly Bitcoin cycle, as I have shared the last 6 weeks. For the context, there were only 5 weekly cycles from the stockings of 2022 bear market (AVG events 6 months). 4 of these cycles had movements from 90 to 105%. One failed to do a lot (June-sept 23). »»
When asked if it reports an imminent upper market, Loukas said: “I say that we are about to start a new one. The cycles always start from the stockings. Her comments suggest that if a cycle transition is imminent, she does not necessarily equal a peak in the market – rather, he could mark the start of a new upward trend.
The technical analyst Rekt Capital (@rektcapital) stressed the importance of the daily closure of Bitcoin above the $ 97,700 threshold, suggesting that a successful retaining of this area could open the way to a step beyond $ 100,000: “The momentum at an early stage generated by the optimistic divergence has divergence. resulted in this recent rupture decision. And with the recent daily fence greater than $ 9,7700, Bitcoin will now try to retest the said level as a support to allow the trend. »»
He also developed the Bitcoin (RSI) Relative force index channel, which implies that the break above a series of lower ups can point out the following leg: “Over time, the price de Bitcoin continued to retest the blue trend line as a support. And the RSI continued to maintain its canal at the bottom. Recently, the RSI has broken its series of lower ups, indicating that the RSI can be ready to rise from the top of the canal. »»
For the future, a clear retain of $ 97,700, because the support could confirm the upward perspectives of Rekt Capital: “The daily closure above $ 9,7700 has been successful (light blue). Any drop of $ 9,7700 would be a Retest attempt. A new post -ist test of $ 9,7700 in a new support would fully confirm the escape to position BTC for a rally at $ 101,000 in resistance. »»
At the time of the press, BTC exchanged $ 98,645.
