A popular Bitcoin trader forecasts a potential rally to $117,000 as the cryptocurrency's price reclaims a crucial technical indicator, the 100-day exponential moving average. This analysis has sparked debate among commentators about the market's next directional move amid divided opinions.
A new 'golden cross' has appeared on Bitcoin's daily chart, a technical pattern that has historically preceded significant price increases. Analysts are closely watching, as similar patterns in the past have led to gains exceeding 2,000%.
A trader warns that Bitcoin must hold above $108K to avoid a bearish spiral. Failure to maintain this level could lead to a significant drop, while surpassing the all-time high could lead to new highs.
Bitcoin's open interest has surged to $96 billion, signaling massive speculative activity but also high risk. Analysts are concerned that extreme leverage could lead to increased volatility and cascading liquidations, putting the market on edge for a significant price move.
