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Bitcoin to $130K? – BTC traders, watch THESE levels next
Bitcoin [BTC] has maintained its position above the $105K price mark despite warnings from analysts. The Distribution by Realized Supply metric suggests that the current price is expensive relative to what all holders have invested in it. However, this could be a catalyst for further growth, as investors continue to buy and accumulate at these prices.
A closer look at the 24-hour liquidation heatmap reveals high leverage clustering around the current price, indicating potential for extreme volatility. Peaks of high liquidity were observed above $108.8K and under $107.1K, serving as key pressure points. If Bitcoin closes above this resistance level, it could lead to a significant pump towards $130K-$135K in Q3.
Notably, the repeated breakout-retest pattern has formed a bullish staircase structure, which typically signals market strength and could serve as confirmation of an uptrend. This is similar to what occurred in Q4 2024, where a decisive weekly close above $75,000 was followed by a strong rally towards $76,000.
In contrast, if Bitcoin fails to break above the $108K mark, it could result in rejection and a subsequent slide back towards the $92,000-$95,000 range. This would effectively limit any potential for further growth and potentially negate the upward momentum.
Traders should closely monitor these levels, as they have the potential to define the next course of action for Bitcoin’s price trajectory.
Source: ambcrypto.com
