Bitcoin traders eye a re-test of resistance at $108,000, a daily candlestick close above this level could drive a potential breakout past the all-time high at $111,980. BTC should hold steady above $108,000 to end the ongoing consolidation. Institutional capital flows and relatively high correlation with BTC is likely to catalyze gains in top altcoins.
Table of Contents
Bitcoin
Bitcoin (BTC) is trading 5% away from its all-time high. The $108,000 is a key resistance for BTC and once the crypto sees a daily candlestick close above this level, a re-test of $111,980 is likely.
On the BTC/USDT daily price chart key support levels are $106,290, $104,600 and $103,000. Resistance levels are the all-time high at $111,980 and the 127.2% Fibonacci retracement level at $122,172.
Derivatives data shows that more long positions were liquidated relative to shorts, in the last 24 hours. Long/short ratio is less than 1, meaning than traders expect further correction in Bitcoin before a recovery in the crypto.
Bitcoin price action and the recent geopolitical events have turned traders less bullish than yesterday, however it is “greedy” on the Fear & Greed Index, meaning there is risk appetite among market participants.
Author: Ekta Mourya
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
