Bitcoin continues to rise, targeting the $108,000 mark amidst growing concerns over Japan’s debt situation. Investors are closely monitoring current trends.
Bitcoin and Gold in Light of Japan's Debt Issues
Data shows that BTC/USD returned near the top of its intraday range as the US trading session began. Following its record daily close, BTC/USD appeared increasingly ready for a rematch with historic highs just above $109,000. Fresh concerns over Japan’s national debt have boosted demand for both crypto and gold, with the latter reaching $3,320 per ounce, its highest since May 12. Trading firm QCP Capital noted, "Japan’s ballooning debt situation has long been a simmering concern, but it is now reaching a boiling point."
Bitcoin Price Outlook
QCP suggested that recent gains were driven by corporate accumulation, while breaking all-time highs could reignite retail interest. "Price action appears closely tied to treasury accumulation by Strategy and Metaplanet, who remain the headline buyers at current levels. There are growing concerns that these entities may represent the last margin bid, particularly with BTC hovering near ATHs."
Trend Strength Warnings
Concerns about the trend strength were expressed in the BTC/USD chart. Popular trader Roman, maintaining a conservative market view, warned of three bearish divergences now appearing on the RSI on daily timeframes. "I would expect 101 to be retested before we potentially move higher (or lower)," he told his followers. While bullish BTC price targets exist, including $116,000 and $128,000, there are also comments about the possibility of significant declines.
Given current conditions, Bitcoin remains subject to market forces, including anxieties surrounding Japan's debt situation. Investors are advised to carefully monitor dynamics and potential market shifts.
