Bitcoin (BTC) has gone up by 5.1% in the past 24 hours and has crossed the $100K level for the first time in nearly three months.
Trading volumes have surged by 40% in the past day as some FOMO seems to have kicked in to push the price higher during today’s session.
The top crypto now accumulates a yearly gain of 8.8% and a 30-month jump of 32.7% as the market seems to have finally reversed the downtrend that started in December last year.
More than $220 million worth of BTC short positions have been liquidated in the past day as well. This has prompted a short squeeze that could be partially responsible for today’s significant trading volumes.
Meanwhile, open interest in Bitcoin futures seems poised to break this year’s record level at $69.6 billion as traders have started to flood the market once again to speculate on BTC’s price action.
Ever since the April 22 breakout, BTC open interest has stood above the $61.5 billion level. This is bullish for the token as it means that leveraged positions are coming back to the market. In bull markets, big upswings in the amount of leverage used to open positions amplify gains in the near term.
Historical Pattern Shows that Bitcoin Could Rise to $140K Soon
How high can Bitcoin go as a new bullish cycle seems to be starting?
Looking at the daily chart, we can see that a major buy signal has been triggered as the 21-day EMA has crossed above the 200-day EMA.
The last time this signal popped up, the price rose by 68% just three months later. History does not necessarily repeat, but it often rhymes.
A long position at current levels still offers significant upside potential, even with a more conservative target of $140K for BTC. Meanwhile, if gains match the last uptrend, Bitcoin could rise much higher, possibly to $156,000 per token.
Shortly after BTC’s ‘golden cross’ occurred the last time, the price cooled down and found support at the 200-day EMA. This would be the ideal entry price for a BTC long position. At that level, buying interest will likely be strong.
Market sentiment has improved dramatically lately as the price of the Fear and Greed Index bounced from a record low of 15 to 53 at the time of writing. This means that investors have moved from Extreme Fear to a Neutral outlook in just one month.
Momentum indicators in the daily chart favor an upcoming pullback, possibly after a few jumps. The Relative Strength Index (RSI) has already entered overbought territory and the MACD was almost moving to negative territory before today’s uptick.
Hence, investors could wait a bit for the rally to cool down to enter at a much more advantageous price level.
As Bitcoin keeps progressing to retest its latest all-time high, the hottest crypto presale in town is BTC Bull Token (BTCBULL), as this meme coin offers rewards that are unlocked every time BTC hits a specific price milestone.
BTC Bull Token (BTCBULL) Captivates Investors with Airdrops and Token Burns
BTC Bull Token (BTCBULL) is a meme coin with an innovative practical use. It provides passive income to Bitcoin investors as the price rises to new all-time highs.
Starting at a baseline of $100K, which Bitcoin has already reached today, a new reward is unlocked every time the price adds an additional $25,000.
The next milestone is set at $125,000, at which point a portion of BTCBULL’s circulating supply will be burned. Next up, once the top crypto reaches $150,000, $BTCBULL holders will receive a direct Bitcoin airdrop.
To buy $BTCBULL and cash in on Bitcoin’s upcoming rally to fresh ATHs, 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 make your investment.
