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Bitcoin (BTC) has gone up by 2.2% in the past 24 hours and currently sits at $110,400 as market participants seem to be ready to push the top crypto to a new all-time high.
Market sentiment has been improving after the crisis in the Middle East was temporarily resolved through a cease-fire agreement brokered by President Donald Trump.
The U.S.’s bombing of three Iranian nuclear sites seems to have been effective at deterring the government from further attacking Israel.
Trading volumes for BTC have surged by nearly a quarter in the past 24 hours as well, and BTC has narrowed down its distance from its latest record to just 1.7%.
Data from CoinGlass shows that more than $300 million worth of short positions have been wiped out during this period as BTC’s strong push has lifted most other assets.
BTC alone accounts for more than a third of that total, as the market was probably expecting a much deeper correction two weeks ago when tensions in the Middle East were at a peak.
Bears have been caught with some strong exposur,e and bulls are taking advantage to blow up their short orders, forcing them to cover them by buying BTC and prompting a short squeeze in the process.
Open interest (OI) in BTC futures has been rising in the past two days and could close near this year’s record if today’s uptick accelerates during the American session.
Bitcoin Hits Key Resistance But Seems Poised to Break Out
Looking at the 4-hour chart, Bitcoin has hit a key area of resistance from which the price has collapsed in previous instances at $110,500.
The more these horizontal resistances are hit, the weaker they get as sell orders at those levels are progressively fulfilled.
Meanwhile, the uptrend’s strength has increased to the point that the Relative Strength Index (RSI) is nearing overbought levels.
Although this may increase the risk of a short-term pullback, it is also indicative that buyers’ interest in the token has skyrocketed, and positive momentum has gained traction.
The 9-period and 21-period exponential moving averages (EMAs) have sent a buy signal as they made a ‘golden cross.’ Moreover, the price bounced off perfectly from its 200-period EMA.
It seems highly likely that BTC will retest its all-time high today, and the $110,500 could be turned into the key support to watch if that happens.
Meanwhile, the best Bitcoin-linked crypto presale of the year, BTC Bull Token (BTCBULL) is now getting closer to hit its first milestone and distribute its first reward to token holders.
BTC Bull Token (BTCBULL) Offers Handsome Rewards and Passive Income to Bitcoin Holders
BTC Bull Token (BTCBULL) gives investors the chance to book additional profits once the top crypto hits new price milestones.
Its reward mechanism is quite simple, starting at a baseline price of $100,000, BTCBULL holders will be compensated every time that Bitcoin adds another $25K to its price.
The first milestone is set at $125,000, and we are already quite close to it. At that point, a portion of BTC’s circulating supply will be burned to trigger an immediate increase in the price of BTCBULL.
Meanwhile, once BTC gets to $150,000, token holders will receive a direction Bitcoin airdrop in the wallets where they hold BTCBULL.
The system goes on like this, alternating between token burns and direct airdrops, for every additional $25K.
BTCBULL will receive a strong boost once the first milestone is hit. Hence, at its discounted presale price of $0.002585, this meme coin offers some strong short-term upside potential.
Investors have realized the token’s appeal as reflected by the fact that the project has raised $8 million already in just a couple of months.
To buy $BTCBULL, simple head to the BTC Bull Token website and connect your wallet. You can either swap USDT or ETH or use a bank card to invest.
