Against the backdrop of Bitcoin’s remarkable rising price action witnessed today, May 13, a renowned crypto market analyst has taken to X, spotlighting a key level for the flagship token to breach for scaling new highs imminently. In a post shared by the analyst Ali Martinez, it was brought to attention that the most crucial resistance level for Bitcoin is $66,250, piquing substantial investor interest.

Breaking past this level could potentially pave the way for the flagship token to reach new all-time highs. Here’s an in-depth report on Bitcoin’s current market statistics and trends, which appear to have ignited bullishness in tandem with the analyst’s remarks.

The most significant resistance level for #Bitcoin is at $66,250. Once $BTC breaks past this level, it will be positioned for new all-time highs! pic.twitter.com/8ieiU86wfT

— Ali (@ali_charts) May 13, 2024

Derivatives Data Propels Bullishness On BTC

On-chain data unveiled by Coinglass revealed a considerable jump in Bitcoin’s OI and volume, underscoring a market uptrend at press time. BTC’s open interest jumped 3.50% to $30.31 billion, followed by an upswing in derivatives volume of 95.10% to $55.95 billion. This data sparked considerable market optimism for BTC, illustrating heightened trading activity with increased investor interest in the asset.

Meanwhile, Bitcoin liquidations were considerably low today, evaluated to be $31.92 million. While long positions totaled $23.25 million, short positions were valued at $8.67 million. Underlining reduced selling pressure in the market, this added to investor optimism surrounding BTC.

Further, Bitcoin Futures OI has surged 3.42% to 481.06K BTC, worth $30.24 billion, in the past 24 hours, fueling the token’s bullish take. Conversely, the Coinbase premium gap, resting at -30.97, hinted at some selling pressure surrounding Bitcoin on Coinbase.

Collectively, the abovementioned data tipped the balance toward Bitcoin’s bullish side, with investors remaining optimistic for further pumps ahead. However, the RSI hovered at 49, flagging that the asset is neither overbought nor oversold. This potentially hints that BTC may continue its sideways trading, although market technicals flag a buying sentiment for the token.

In turn, this has further ignited a flurry of mixed market sentiments among crypto market traders and investors, who are speculating over Bitcoin’s price trajectory in the long run. After successfully completing this year’s halving event, BTC is witnessing a phase of reaccumulation, wherein it consolidates and corrects, causing investors’ FUD.

Meanwhile, the token continued trading in the green, aligning with the majority of bullish factors mentioned above.

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Bitcoin’s Price Springs

As of writing, the BTC token traded at $62,811, with a 2.72% upswing noted in the past 24 hours. The token’s market cap jumped 2.77%, reaching $1.23 trillion, followed by a 24-hour volume upswing of 98.75% to $25.59 billion. It’s 24-hour lows and highs are $60,769.84 and $63,248.30, respectively.

Also Read: Bitfinex Parent Partners El Salvador To Model Crypto Laws, Debuts $6.25M Asset Venture

The post Bitcoin To Hit New High If It Breaches This Level, Analyst Predicts appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am