Bitcoin Eyes $107K Amid Bullish Momentum
Key Takeaways
- Bitcoin (BTC) breaks through short-term resistance levels at $93,100 and $95,300 USD.
- Technical and on-chain indicators suggest a potential price target of up to $107,000 USD.
- High trading volumes and low downside liquidity support the upward movement.
BTC Breaks Resistance Zone – Trend Reversal Confirmed
Bitcoin has recently overcome key short-term resistance levels. With a breakout above $93,100 USD – the so-called “Realized Price” of short-term holders – and surpassing $95,300 USD, the upper boundary of a five-day sideways range, a clear upward trend is emerging. BTC is currently trading around $96,600 USD.
This breakout was accompanied by high trading volume – a classic signal of a sustainable move. Analysts like Willy Woo see the next target at around $108,000 USD. Liquidity data also supports this outlook.
On-Chain Data Shows Recovery After Market Correction
Blockchain analytics platform Glassnode provides further evidence of a bullish market mood. The MVRV indicator (Market Value to Realized Value) has significantly recovered following a pullback in April. The value rose from 1.74 to 2.14 – a sign that the market has weathered the correction and is in a healthy state.
Another important indicator: the “Percent Supply in Profit.” This measures how much of the BTC supply is currently in profit. After a decline in August 2024, the value now stands at 87% – a clear sign of positive investor sentiment.
Liquidity Zones Indicate Further Upside Potential
A look at liquidity heatmaps shows: there are few liquidity levels to the downside. The next major support zones are at $83,000 and $74,100 USD – well below the current price level. The risk of significant sell-offs therefore appears limited.
To the upside, however, strong liquidity clusters are visible at $100,000, $106,800, and $110,200 USD. These zones could act as magnetic price targets, as many open positions are located there which may be automatically triggered once reached.
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Technical Analysis: Pullback Possible, But Bullish Outlook Remains
In the short term, BTC could retest the breakout level at $95,400 USD. Such pullbacks are typical and offer traders potential entry opportunities. If the market continues to stabilize, a rise above the $100,000 mark in the coming days is realistic.
Swing traders should closely monitor the price range between $95,000 and $97,000 USD. A renewed move above $98,000 USD could pave the way toward $107,000 USD.
Our Assessment
The current market situation clearly supports a continuation of Bitcoin’s upward trend. Both technical and fundamental data point to a realistic price target above $100,000 USD. The low downside liquidity and strong upside demand reinforce this outlook.
If you are invested in BTC or planning to enter, it’s worth taking a close look at the short-term support zones. A pullback could present a good opportunity. Pay attention to volume and price reactions at the mentioned levels.
Sources
- Glassnode
- Coinglass
- TradingView
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | $97,391.00 |
| 24h % | 0.28 % |
| 7d % | 1.98 % |
| 30d % | 13.20 % |
| 60d % | 8.27 % |
| 1y % | 64.92 % |
| Market Cap | $1,934,044,350,341.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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