Bitcoin Breakout Above $96K Suggests Potential Rally Towards $120K Amid Strong Buying Activity
The post Bitcoin Breakout Above $96K Suggests Potential Rally Towards $120K Amid Strong Buying Activity appeared on BitcoinEthereumNews.com.
Bitcoin’s recent surge past the pivotal $96K resistance has positioned it towards a potential rally targeting $120K, indicating robust bullish strength. With active addresses on the rise and reduced exchange reserves, the market sentiment surrounding Bitcoin appears increasingly optimistic. According to insights from COINOTAG, “The influx of long-term holders is a key factor contributing to the current upward momentum.” Bitcoin’s breakout signals bullish momentum with a potential rise to $120K, supported by increased network activity and reduced exchange supply. Technical indicators reflect strong bullish momentum The surge in Bitcoin’s price is supported by favorable technical indicators, marking a significant bullish trend in the market. The Relative Strength Index (RSI) currently sits at 79, suggesting strong buying activity while nearing overbought territory. Fibonacci retracement levels also affirm that Bitcoin is securely above the crucial 0.786 level at $85K, which shows its upward streak is robust. The next Fibonacci extension suggests a potential price target of $120K if the $96K resistance acts as strong support. However, vigilance is prudent; a drop below this benchmark could trigger bearish reactions. Thus, maintaining support above $96K is critical to sustaining the bullish trend, while a slip below this level might lead to necessary market corrections. Source: TradingView Increased buying activity enhances BTC outlook Recent trading data indicates a noticeable increase in buying pressure across major exchanges, highlighted by a Taker Buy/Sell Ratio of 1.03. This ratio signifies a trend where buyers consistently outweigh sellers, which buttresses Bitcoin’s ascent above $96K. Exchanges such as Binance, OKX, and Bybit have reported heightened trading volumes, illustrating an inflow from both institutional and retail investors, which significantly enhances the cryptocurrency’s bullish prospects. As a result, this influx of market activity anticipates Bitcoin’s continued rise, targeting the landmark figure of $120K. Source: CryptoQuant Declining exchange reserves support bullish sentiment Simultaneously,…
Filed under: News - @ November 24, 2024 6:11 am