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Bitcoin (BTC) has gone up by 2.3% in the past 24 hours and currently stands at $101,750 after it bounced strongly off the $100,000 area.
Rising tensions in the Middle East, including the United States’ decision to get involved in the war between Israel and Iran, spooked crypto investors during the weekend.
From Friday to Sunday, more than $1.5 billion worth of long positions were wiped out. Nearly $420 million of that total were Bitcoin longs as the market entered this geopolitical turmoil with a significant amount of leveraged bullish positions on its back.
Back then, the token dropped from around $106,000 touching a Sunday low of $98,225. However, it managed to close the day above the $100,000 mark, as this is a key psychological threshold where a significant volume of buy orders probably stood.
Since May 29, open interest (OI) in Bitcoin futures has been steadily dropping as more and more long positions have been flushed out.
The amount of outstanding futures contracts has now dropped from a historical record of 726,450 BTC to 671,340 BTC at the time of writing. This translates into a 7.6% decline in less than a month as market sentiment has soured.
The Fear and Greed Index has now declined to 37, down from a recent peak of 76. Meaning that investors’ sentiment has shifted from Greed to Fear in just a month.
BTC Could Retest $107K If Bullish Momentum Gains Traction
Bitcoin’s 4-hour chart shows that a bear trap occurred once the price moved below the $100,000 mark and now a significant volume of short positions may face a reckoning if the price recaptures the $102,000 area.
This is a classic bullish setup that could end up propelling BTC as excess leverage has been flushed out, longs have been wiped, and a decent volume of short positions have been opened.
A ‘golden cross between the 9-period and 21-period exponential moving averages (EMAs) may confirm this bullish scenario for Bitcoin. The price will likely aim for a retest of the 200-period EMA first, followed by a move to the $107,000 level if bullish momentum gains traction.
The key support level to watch at this point would be the $100,000 area as a drop below this level will favor the continuation of the downtrend we witnessed over the weekend. However, this bear trap is quite encouraging.
The Relative Strength Index (RSI) shows what could be the earliest sign of a recovery as it climbed above the 14-period moving average. This indicates that the downtrend is weakening, but not yet confirms the beginning of an uptrend.
If Bitcoin recovers, a new crypto presale called BTC Bull Token (BTCBULL) will get closer to distributing its first reward for token holders following its milestone-based system tied to the price of the top crypto.
BTC Bull Token (BTCBULL) Raises Over $7M to Provide Passive Income to Bitcoin Holders
BTC Bull Token (BTCBULL) has introduced an innovative rewards system tied to the performance of Bitcoin.
Every time the price hits a specific price milestone, a new reward will be unlocked.
The system is quite simple. Starting at a baseline price of $100,000, for every extra $25,000 that BTC adds to its price, token holders will be compensated.
The first milestone is set at $125,000. Once the price hits that mark, a portion of BTCBULL’s circulating supply will be burned automatically. Next up, once the price hits $150,000, token holders will receive a direct airdrop.
These rewards are distributed automatically via smart contracts that will be executed once BTC hits those prices. These contracts have been audited by two crypto firms – Coinsult and SolidProof – to ensure that they will perform the expected actions.
To buy $BTCBULL, simply visit 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.
