Bitcoin breaks new high to $81,888 per coin, market targets $94,000, open interest approaches $50 billion

With Bitcoin (BTC) price hitting a new all-time high at $81,888, its price trend target is to break above $90,000 in this bull run.

As the crypto market reaches the $2.7 trillion level, Bitcoin hits a new all-time high near $82,000, sparking a new altcoin season.

Currently, Bitcoin is trading at $80,878 with a market cap of $1.6 trillion. Bitcoin’s price trend is up nearly 20% on a weekly basis, signaling a massive upswing.

Bitcoin Price Analysis

Looking at the daily chart, Bitcoin’s price action shows a breakout from a descending channel, which was a flag pattern during the early 2024 bull run. Following the breakout, Bitcoin encountered a post-test reversal at the 78.60% Fibonacci retracement level of $67,690.

Since then, Bitcoin has rallied by nearly 20%, with seven consecutive bullish candles. The price is now moving towards the 1.272 Fib level of $82,663, which might act as the next key resistance.

Analysts warn that as open interest approaches $50 billion, nearly $1 billion in liquidations will occur.

Amid the bull run, Bitcoin’s open interest has increased by 2.59% over the past 24 hours to $49.06 billion. The overall market sentiment for Bitcoin is very bullish as trading volume rises to $104 billion, a 53% increase.

$121 million worth of Bitcoin derivatives positions were liquidated in the past 24 hours. Short sellers suffered losses of $84.34 million, while long positions suffered liquidations of $37.47 million.

On the Binance exchange, top traders maintain a long-short ratio of 1.50 based on positions, which supports the bullish trend. However, the account-based long-short ratio is 0.73, suggesting that there could be a minor pullback.

Crypto analyst Ali Martinez recently tweeted that if the Bitcoin price drops to $77,250, nearly $1 billion in liquidations will occur. This will trigger approximately $9,996,700 in cumulative long liquidations.

Will Bitcoin break through $90,000?

Technical indicators point to further gains as the bull run continues. The 100-day and 200-day simple moving averages (SMAs) are signaling a potential positive crossover, while the MACD and signal line remain bullish, confirming a “buy” signal.

Institutional support could increase, especially with the potential launch of a Bitcoin spot ETF in the United States, which could further boost bullish sentiment. Meanwhile, strong performance by crypto-related stocks such as MicroStrategy also added to the optimistic outlook. MicroStrategy’s Bitcoin holdings are now valued at $20 billion, and MSTR stock rose 17.42% last week, for a 100% return.

If Bitcoin breaks out of the 1.272 Fib level of $82,663, it could continue towards $90,000. By the end of the year, Bitcoin’s bull run could reach the 1.618 Fibonacci Extension level of $94,119. However, there is also a chance of a minor pullback towards the $80,000 level.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to perform thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.