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Bitcoin Price Steady, Binance OI Plunges, Breakout Around the Corner?
Despite the prevailing global geopolitical tensions, Bitcoin’s price has surprisingly remained steady above the $104,000 level. The unexpected stability has sparked interest among crypto analysts and traders, who are now wondering if a breakout could be imminent. According to CryptoQuant, a prominent analytics platform, a divergence between Bitcoin’s price and Binance open interest (OI) has been identified. This development suggests that market positioning is adjusting, potentially paving the way for directional movement.
As reported by CryptoQuant, major long liquidations occurred near $104,000, indicating that positions are being closed, and sellers are losing steam. The sudden drop in OI on Binance could be an indication of a reset phase in the cryptocurrency market. Historically, this type of development precedes a significant rally.
The chart structure aligns with previous breakout patterns, suggesting that Bitcoin’s price is primed for a breakout. A brief consolidation period may occur before the asset continues its upward trajectory. Analysts predict that clearing the $108,924 resistance level could spark an explosive rally, pushing the price towards new all-time highs.
Several prominent analysts have weighed in on the situation, offering their insights and predictions. Michaël van de Poppe, a well-known crypto analyst, pointed out that Bitcoin’s steady rise toward a critical resistance zone is concerning for short sellers. He anticipates the asset will break through this level and reach a new all-time high.
Another analyst, BitBull, observed that the recent price action has set up a three-phase setup starting from January accumulation to April manipulation, followed by an expected expansion phase. This development has led him to forecast a price range of $130,000-$135,000 if Bitcoin clears this pivotal level.
Lastly, veteran trader Merlijn noticed one of the strongest short-term selling deltas in history. He hypothesizes that bearish pressure is waning and short-term relief may soon follow, potentially restarting the upward trend with renewed momentum.
The current situation has sparked both excitement and concern among cryptocurrency investors. As Bitcoin’s price remains steady above the $104,000 mark, traders are left wondering if a breakout could be imminent.
Source: coincentral.com
