- Bitcoin price holding above $118K suggests a potential move to $135K–$140K, based on past trends.
- Bitcoin Open Interest rose 5.78%, signaling increased market leverage and potential for continued volatility.
- Short liquidations of $107M in 24 hours highlight strong upward pressure in the bitcoin market.
Bitcoin price has moved above a major resistance level and is holding in the upper half of a rising parallel channel. This move puts the $125K zone in focus as the next key area. The structure has been in place since late 2022 and is divided into lower, middle, and upper zones. The median line acts as a balance point, often guiding whether price trades in the bullish or bearish half of the channel.
Bitcoin Price Resistance Levels and Potential Targets
The median line in the middle is now at approximately at $118k to $122k. The current price of bitcoin being above this area, it has suggested that based on past tendencies a revitalization to a range of between $135k and $140k is quite likely.
As Titan of Crypto, a respected analyst, explains, the most viable resistance is between $165k and $180k at the top of the main channel and has been followed by multi-week pullbacks.
Source: Titan/X
A drop below the value of $118kk may cause a contract in bitcoin price which may be tested in the level of $110k or $112k. The next breakout level is $95k to $100k should that zone break. Historically, when the price moved out of the upper expansion zone, it tended to come back to these lower levels, and therefore, traders are keeping a close eye on these levels.
Derivatives Data and Bitcoin Price Positioning
The trading volume was up by 40.14% to 95.21 billion, with Open Interest up by 5.78% to 83.72 billion. The volume of options activity increased 235.28%, to 7.57 billion, indicating greater involvement in derivatives.
Source: CoinGlass
According to the data, fewer large accounts are short, with larger traders having net long positions. The amount of short liquidations was at $107.16 million in the last 24 hours, which indicates the upward movements were fueled by squeezes.
As long as the bitcoin price keeps moving upwards and open interest increases, there is the possibility of a further increase, but one cannot be ruled out should the momentum subside.
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