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Bitcoin bulls, here’s why your wait for a new ATH may be over!
The wait may be over for Bitcoin (BTC) enthusiasts as the cryptocurrency has just turned positive in the last 24 hours, reclaiming the $106,000 level with a 2% market gain. Furthermore, a fractal pattern analysis suggests that a new all-time high could be on the horizon.
Liquidity squeeze traps Bitcoin
Recent data from CoinGlass reveals that Bitcoin is currently trading in a “liquidity sandwich” – a situation where liquidity clusters sit both above and below the asset’s price. Liquidity clusters are price levels with a high concentration of unfilled market orders. These levels act like magnets, drawing the price toward them. In Bitcoin’s current case, the upper cluster lies around $107,000, while the lower one sits near $104,000. This positioning puts Bitcoin in a tight spot where a breakout or breakdown could occur.
To determine the likely direction of this situation, AMBCrypto analyzed whale and spot trading activity. A new all-time high on the horizon?
The data suggests that during the last two instances when these bubbles formed, Bitcoin experienced significant rallies and reached new all-time highs. The same trajectory may repeat as broader market sentiment increasingly aligns with a bullish breakout.
Spot trading analysis utilizing the Spot Exchange Whale Ratio reveals a notable surge, with the metric reading 0.6. While this figure confirms heightened whale activity, it does not on its own indicate a bullish or bearish outlook. However, the recent price gain suggests that this activity leans bullish.
Whales – addresses or investors holding substantial liquidity – can significantly influence prices when they decide to buy or sell.
Source: ambcrypto.com
