Crypto

Bitcoin Price Nears $110,000 as Traders Watch for $155K Breakout

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Bitcoin BTC 1

Bitcoin bounced back to about $110,000 after a late surge at the end of last week. Investors are watching closely as the price tries to push higher towards a possible $155,000 target. This comes amid a challenging week for the markets, with concerns about US bond yields and upcoming inflation data.

Last weekend, Bitcoin’s price dipped below $107,000 but quickly recovered before the weekly close. Traders say that while the rebound is positive, the price needs a stronger close above the recent highs to confirm a continued uptrend. The weekly candle closed just below the January peak, signaling cautious optimism.

The US Federal Reserve’s inflation measure, the Personal Consumption Expenditures (PCE) index, will be released soon. Investors are also tracking rising bond yields, which add pressure to risk assets like Bitcoin. The Fed has kept interest rates steady, and markets do not expect any rate cuts before September.

On trading platforms, some signals show less aggressive buying and selling, suggesting uncertainty in the short term. A key indicator called the taker buy/sell ratio dropped below 1, which often points to sellers gaining control and possible price corrections near $105,000.

Meanwhile, some large traders, known as whales, continue active trading with big bets on Bitcoin. One trader, James Wynn, switched between long and short positions and recently profited from a leveraged long trade. This kind of activity attracts attention and can influence market sentiment.

Despite volatility, funding rates on Bitcoin futures remain stable. This means traders are not overly leveraged, which is healthy for the market and could support a sustainable price rise. Analysts believe this setup may lead to a strong price move higher, possibly triggering a short squeeze where sellers rush to cover their positions.

Overall, Bitcoin is at a critical point. While macroeconomic risks remain, traders and investors are hopeful that momentum will push Bitcoin toward new record highs.

This article does not provide investment advice. Always research carefully before trading.

Written by
Sazid Kabir

I've loved music and writing all my life. That's why I started this blog. In my spare time, I make music and run this blog for fellow music fans.

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