Bitcoin (BTC) Delivered the best weekly performance in more than two months, climbing 4.24% to an intra-day high at $ 88,804. The BTC also took a bullish stance on the charts, which closed above the 200-day exponential transfer of the average daily chart (EMA).
Bitcoin 1-day chart. Source: Cointelegraph/TradingView
On the weekly close to the top of $ 84,600, the BTC’s possibility of a $ 90,000 increase. However, the price of BTC must overcome the downward level of resistance to produce a sustainable transition to ranges of range.
Bitcoin correction is a “healthy pause”
Bitcoin researcher Axel Adler Jr. Explained Based on the onchain metrics, the current price cycle reflects a healthy integration -including the beginning of an bear market. Adler JR noted that the BTC has not yet entered the “super -heat” territory in this cycle, as indicated by the BTC investor price model.
This scale explodes a sale signal twice during 2021, and the model includes the realized cover, thermo cap, investor price, and Bitcoin’s supply.
With the combined -along days of Bitcoin’s value destroyed (CVDD), Adler argued that the market remains in a “stage of growth.”
Days of Bitcoin value. Source: Adlercryptoinsights / Subtack
CVDD metric monitors that sell activity to long -term holders. The current bull cycle (2024-2025) triggered a sale signal only once, back in March 2024. In a subttack article, Adler said,
“Considering the current dynamics in the market, we can see timely investors taking revenue once Bitcoins violate the climax levels ($ 123k), which potentially conduct downward pressure on the price.”
From the review above, Adler JR predicted that Bitcoin could climb to $ 130,000 in 90 days.
Related: Bitcoin must get the key 2025 level to avoid new lows – research
Bitcoin Open Interest jumped $ 1.5 billion in 24 hours
According to Date of veilThe open interest of Bitcoin (OI), which represents the total cost of the remaining contracts with futures, has jumped more than $ 1.5 billion in the last 24 hours.
Meanwhile, the funding rate, which reflects the cost of handling leveraged positions, remains near neutral. This indicates that bullish (long) or bearish traders (short) are dominant.
Bitcoin price and combined -with open interest. Source: Velo.Chart
Bitcoin experienced a climbing upward momentum late on Sunday, March 23rd. Weekend price rallies like this often occur with a lower trading volume, as larger market participants tend to retreat until the start of the week. In this scenario, leveraged trading that boost action can greatly influence price movements.
In an x post, unknown crypto analyst this tech pl also Taught The increase of OI level after BTC exceeds $ 87,500. However, the analyst added,
“But here’s the catch: High Oi + fast price increases = risk to liquidation cascades!”
Bitcoin 4 hours chart. Source: Cointelegraph/TradingView
From a technical point of view, Bitcoin registered a new high at $ 88,750 at the top of last week. However, as the chart showed, the price tested the upper band of the bollinger next to the downstanding resistance. In addition, the BTC also hasScillating within an ascending channel.
Based on the above confluence, BTC can witness a short-term correction to test the demand zone around $ 86,000- $ 87,000 before the $ 90,000 threshold.
Related: Michael Saylor’s approach is over 500,000 Bitcoin with the latest purchase
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
