With a boom in the crypto market, Bitcoin is approaching the $66K barrier, presenting a potential breakout opportunity. Will this breakout lead to a new all-time high?
The ongoing bull cycle has contributed to a 21.41% increase in BTC price, rising from $53,731 over the past three weeks and surpassing $65,500. Currently, Bitcoin is trading at $65,540, reflecting an intraday gain of 0.56% following a 3.21% jump yesterday.
Amid the recovering market, will the Bitcoin bull run continue to gain momentum and reach a new all-time high?
Bitcoin Price Analysis
According to Fibonacci retracement levels, Bitcoin’s uptrend has surpassed the 50% Fibonacci level at $63,568 and is heading toward the $69,032 mark, or the 78.60% level. Additionally, price action analysis indicates that the bull cycle is poised to challenge a resistance trendline within a falling channel pattern.
The bullish trend teases a potential crossover between the 50 and 100-day EMA. Furthermore, the MACD and signal lines are on a positive trend, with a gradual surge in positive histograms.
With a potential breakout rally on the horizon, Fibonacci levels indicate targets at $78,318 and $84,129, corresponding to the 1.272 and 1.618 Fibonacci levels, respectively.
Bitcoin’s Open Interest Surpasses $35B
Amid the broader market recovery, Bitcoin derivatives data reveals that open interest has surged by 2.22% over the last 24 hours. Currently, open interest stands at $35.79 billion, with a 66% increase in options value, now totaling $3 billion.
Additionally, trading volume has spiked by 52%, reaching $77.19 billion. Adding to the bullish sentiment, the long-to-short ratio over the past 24 hours has surpassed the one-unit threshold, currently at 1.0367.
Moreover, $32 million worth of short positions were liquidated in the past 24 hours, while long positions experienced a loss of $10.56 million. As the market turns bullish and the ongoing bull cycle gains momentum, top traders on Binance show a long-to-short ratio of 1.1081%.
US Spot Bitcoin Spot ETFs Goes on a Rally
On September 26, the U.S. Spot Bitcoin ETF market witnessed a massive inflow of $365.57 million, the largest in September. Currently, total U.S. Spot Bitcoin ETFs hold $60.03 billion worth of Bitcoin, accounting for 4.70% of the Bitcoin market cap.
With the biggest inflow from ARK and 21Shares’ ARKB at $113.82 million, followed closely by BlackRock’s IBIT at $93.38 million, the market is showing strong signs of recovery.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/09/27/bitcoin-bull-cycle-targets-84k-as-open-interest-hits-35b/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-bull-cycle-targets-84k-as-open-interest-hits-35b