The Bitcoin Price Hits a New All-Time High at $109,845
The Bitcoin price has smashed a new ATH at $109,845 after breaching above the current highs at $109,588 after attracting huge bullish volume. The major breakthrough seems to have been caused by a rise in adoption. With this, the star token has become a $2 trillion asset, as the first price discovery correction after the first price discovery uptrend seems to have completed. The BTC price has confirmed a breakout above the final resistance below the ATH, and hence, the current discovery phase is expected to prevail for a long time.
Whales Lead the Way
In times when retail traders remain uncertain about the next Bitcoin move, the whales are extremely confident. As per some reports, the 40X BTC whale, James Wynn, has just increased his long position to $1 billion. The Wynn’s conviction looks fueled by record BTC ETF inflows, a wave of profitable holders and relentless bullish chatter. With this, the Open interest (OI) has marked a new ATH, rising by $13 billion on Binance.
The rise in the open interest suggests a rise in the total number of outstanding Bitcoin futures or options contracts. This also indicates a rise in the liquidity and volatility within the markets. The BTC price underwent a V-shaped recovery and surged above the final resistance zone, which has pushed the price into the discovery phase.
Technical Analysis
The BTC price just surged above the final resistance level while the 50/200-day MAs is heading towards a bullish crossover or Golden Cross. On the other hand, the +Di & -Di were heading for a bearish crossover, but the latest rise in the price has triggered a bullish divergence. This validates the beginning of a fresh ascending trend, which could keep the price within the discovery phase for a long time.
Future Projections
The Bitcoin price has broken its all-time high after 121 days and has also set records in its market capitalization and realized cap. Considering the above chart, the next BTC price high could be somewhere around $119,000.