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Bitcoin is poised to reach unprecedented heights of $110,000, according to Michael Saylor, the founder of MicroStrategy, a top Bitcoin treasury giant.
In his latest statement, Saylor emphasized the lack of resistances in the market, providing a bullish outlook for the cryptocurrency’s future trajectory. This stance aligns with recent price action, which has seen Bitcoin overcome earlier resistance at $104,000 and maintain levels above it.
A closer examination of the technical chart reveals that the 50 EMA has cleanly bounced from its low-volume selling pressure, signifying strong support in the face of this bearish sentiment. Furthermore, RSI is situated within a comfortable mid-range around 53, suggesting there is still room for a bullish expansion without overbuying.
Moreover, data from CoinGlass’s perpetual liquidation heatmap for Binance’s BTC/USDT pair highlights the absence of any stacked resistance levels in the area around $110,000. This lack of obstacles would not impede the price’s rise by inducing cascading liquidations on short positions.
As such, if Bitcoin maintains its current momentum and avoids bearish volatility, it may be poised to test all-time highs shortly. However, this bullish scenario also raises concerns about a potential quick correction should sentiment shift. It is essential for traders to remain vigilant and keep a close eye on market trends.
In conclusion, the lack of resistance above $110,000 offers Bitcoin with an ideal runway for growth, but bears are still present in the market, waiting for an opportunity to strike if the price becomes overextended or shows signs of weakness.
Source: u.today
