Bitcoin has continued its upward trajectory, breaking free from a descending channel and regaining key structural levels as it moves towards the $122K–$124K all-time high.
Despite the strong bullish momentum, there is still a possibility of a brief pullback to the $114K–$118K range for market rebalancing before potentially reaching new heights.
Technical Analysis
By Shayan
The Daily Chart
The cryptocurrency has maintained its upward momentum, surpassing mid-range resistance and nullifying September’s descending pattern. This breakout was followed by a swift move into the upper boundary of the macro range, likely aiming for buy-side liquidity just above the all-time high near $124K.
The price currently holds above the breakout level around $116K–$118K. The previous decision point at $112K–$114K serves as crucial support in case of any retracement. Staying above this zone preserves the bullish structure with targets set on reaching between $124K and $125K where another liquidity pool resides.
Momentum indicators suggest potential short-term corrections might occur before further advances, allowing for a more stable foundation to support another significant rise.
The 4-Hour Chart
A recent surge from around $108k sparked an impulsive rally leaving several areas unaddressed. The breaker block between $115k–$117k along with Fibonacci retracement clusters at approximately 114.4k & 113.k now represent prime re-entry zones for buyers seeking continuation towards major buy-side liquidity near 124k.
If prices maintain their current momentum without dropping below critical thresholds like those seen previously (i.e., under111-112), then sweeping past these higher marks could very well happen prior entering corrective phases aligning broader expansions structures overall!
Sentiment Analysis
By Shayan
Bitcoin’s open interest on Binance reached unprecedented levels surpassing August peaks ($14 .306B). This increase aligns perfectly alongside recent rallies seeing BTC climb dramatically over weeks ($108 -$124 k) while simultaneously expanding OI($11 .5 B->14 .30 B).
Such parallel growth suggests fresh inflows driving movements rather than mere short-coverings alone reflecting strong convictions across trader spectrum whether institutional retail alike adding depth markets yet heightened leverage poses risks too! Elevated OI acts double-edged sword amplifying upsides when shorts unwind quickly triggering liquidations should stall occur instead…
Presently structure favors continuations pressing newer zones ($125-$130 k); however dangers lurks within fragility itself failing extend higher consolidating amid elevated interests increases likelihood sharp flushes dragging back toward demands resuming trends thereafter…
