The cryptocurrency market starts to recover due to a general increase in buying traders. This boost follows a positive report from the consumer prize and the convenience in global tensions. As a result, Bitcoin’s price is on its way to hit $ 90k after he reached a number of important obstacles. However, with a little sales pressure now, investors wonder if Bitcoin could fall again soon.
Bitcoin recovers after positive news
Nowadays Bitcoin approached the $ 85k marking, fed by bullish developments such as a positive consumer price index (CPI) report and a reduction of geopolitical tensions. An important factor was the Ukraine agreement with a temporary cease-fire of 30 days with the American involvement, a movement reported by Bloomberg that cooled the tensions of the world market. This decrease in geopolitical uncertainty has improved the confidence of investors and brought stability in the cryptomarket.
In addition, Ontario’s decision to eliminate a rate of 25% in the field of electricity to Michigan, New York and Minnesota, relieve trade tensions and raised the total market sentiment.
Data from Coinglass shows that Bitcoin saw a considerable market activity with around $ 75.4 million in positions that have been liquidated in the last 24 hours. This included $ 15.4 million by buyers and $ 60 million by sellers, indicating an increase in short liquidations in the midst of Bitcoin’s price increase.
The Bullish Momentum has also influenced Bitcoin market trends, with an open interest in Bitcoin by almost 6%, with a high point of $ 49.8 billion. Intotheblock data suggests a continuous bullish trend as the exchange reserve decreases.
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The Netflow -Metriek has been consistently negative, with a remarkable outflow of 3.1k BTC in the last 48 hours. This trend indicates that holders move their bitcoin from exchanges to self -wide portfolios, which reduces the potential for sales pressure and points to continuous upward movement in the price of Bitcoin.
What is the next step for BTC price?
Bitcoin is currently running on a wave of strong bullish activity and focuses on a stable position above $ 85k. It briefly became a peak of $ 85,309 before the resistance experienced and slipped under $ 85k. Currently, Bears strongly defend an increase above 23.6% FIB channel. From now on the price of Bitcoin is traded at $ 84,593, which marks an increase of 5.3% in the last 24 hours.
Looking ahead, the BTC/USDT trade savings challenges a resistance area within $ 84,205 to $ 86,704. It is expected that more purchasing efforts will repel any important withdrawals. If Bitcoin successfully break through the $ 90k threshold, it may be possible to strive for a climb to $ 95,000.
Conversely, an absence to meet the buyer’s interest near the $ 85k level can lead to a withdrawal, possibly fall to a low of $ 79,974.
However, the long/short ratio of Bitcoin has taken a sharp decline, which is currently 0.67. This indicates an increasing dominance by sellers, who probably insist on an immediate correction in the BTC price chart. Currently, around 60% of traders expect a fall in the price.
Credit : coinpedia.org
