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Bitcoin (BTC) has gone up by 2.6% in the past 24 hours and currently nears the $108,000 level after President Donald Trump brokered a cease-fire between Israel and Iran at the beginning of the week.
This eased the tensions that triggered the token’s sharp drop during the weekend and has managed to improve the market’s sentiment. Top altcoins are also rising today, but none to the extent of Bitcoin.
As a result, Bitcoin’s dominance has once again climbed to 64% and stands quite near its 12-month high.
The ingredients for a strong push to Bitcoin’s recent all-time highs are now there as short sellers positioned themselves for a big drop during the weekend that did not fully materialize.
Hence, a significant volume of short positions will probably be blown up as the price rises to new heights.
Data from CoinGlass indicates that $131 million worth of BTC short positions were flushed out on Sunday. Meanwhile, in the past 24 hours, more than $60 million worth of short positions have now been wiped out as a result of today’s uptick.
Open interest data also shows that traders have jumped back into the market as the volume of outstanding futures contracts has climbed back to its highest level since June 10.
This Needs to Happen for Bitcoin to Confirm an Upcoming Push to $110K
Looking at the 4-hour chart, Bitcoin has jumped above a key resistance area and could soon consolidate its bullish breakout if it retests and bounces off this level at $106,500.
If that happens, we could see Bitcoin rising to $110,500 in no time. Bulls have a paved way to that level as they will encounter significant liquidity along the way from the weekend’s shorts.
The only thing that could derail this recovery would be a clear indication that tensions are escalating once again beyond the United States’ control. For example, a big attack from Iran to Israel or a complete violation of the cease-fire that leads to a wave of missile launches on both sides.
The Relative Strength Index (RSI) shows the strength of the uptrend as it is now nearing overbought levels in this lower time frame. This indicates that momentum favors bulls.
Moreover, the 9-period and 21-period exponential moving averages (EMAs) have crossed above the 200-period EMA, which is also considered a strong buy signal.
For now, we could expect a retrace to the $106,500 support before a move toward $110K. If that happens, this could provide an attractive entry for late buyers.
As Bitcoin rises and recovers some of the territory it has lost, a new crypto presale called BTC Bull Token (BTCBULL) offers investors the chance to earn passive income once the top crypto reaches specific price milestones.
BTC Bull Token (BTCBULL) Rewards Token Holders Based on How the Top Crypto Performs
BTC Bull Token (BTCBULL) has introduced an innovative way to earn passive income for investors who believe that Bitcoin could reach $200,000 or more this year.
The reward scheme is quite simple. Starting at a baseline price of $100,000, token holders will receive a reward for every $25,000 that the top crypto adds to its price.
The first milestone is set at $125,000, at which point a portion of BTCBULL’s circulating supply will be burned.
Next up, once the price reaches $150,000, token holders will receive a direct airdrop of Bitcoin tokens . These actions will be automatically executed by smart contracts that were audited by two blockchain security firms – Coinsult and SolidProof.
This project has raised $7.4 million from investors already to fund its rewards pool. A portion of the capital it raises will be used to buy the BTC Tokens that will be distributed once the airdrop is due.
To buy $BTCBULL, simply head to the BTC Bull Token website and connect your wallet. You can either swap USDT or ETH for this token or use a bank card to invest.
