Bitcoin strongly defends the $96,000 support level, which aligns with a falling wedge pattern indicative of a possible bullish reversal.
Bitcoin's Current Support and Resistance
The wedge's support is around $96,000, serving as a critical point for Bitcoin's recent uptrends. The resistance line at $106,000 could be the next target. If Bitcoin can sustain momentum and break through this level, it might validate bullish expectations, potentially leading to higher price targets. Otherwise, failure to uphold this could push prices lower to around $85,500.
Impact of Open Interest on Price
Data on open interest (OI) across cryptocurrencies indicates that as OI increased, Bitcoin's price also rose from $96,000 to near $99,000. Peaks in OI often lead to price corrections due to overextended positions. Should OI decline without a corresponding price drop, a consolidation phase might be underway.
Forecasts from the Terminal Price Indicator
The Terminal Price Indicator suggests potential bullish momentum, possibly pushing Bitcoin well beyond current levels up to $200,000. If the price begins to diverge below the Terminal Price, it could signal an upcoming correction, driven by bearish sentiment.
While current indicators and analysis favor Bitcoin reaching $200,000, the volatile nature of cryptocurrency markets demands further confirmation through consistent trends.
