Bitcoin is steadily increasing its value, staying close to historic highs, yet is in a consolidation phase. This creates an interesting scenario for analysis through short and long-term lenses.
Bitcoin Price Situation
After two weeks of growth following the presidential elections, Bitcoin reached a new ATH of $93,433. A slight correction led it into a consolidation phase appearing as an ascending triangle. In the short term, the cryptocurrency is trying to surpass the $91,800 resistance, reaching higher peaks. The lowest point around $85,000 is significant as well, creating a key volume zone to preserve.
While the Bitcoin price tested $91,500, the cryptocurrency maintains an upward trend. Notably, this strong bullish movement could lead to a significant correction.
Focus on BTCUSDT Derivatives
The open interest for BTC/USDT perpetual contracts has stabilized, indicating a pause in speculative interest. CVD shows a downward orientation, reflecting a majority of selling positions, though funding rates remain positive. Liquidations are minor, possibly reflecting cautious trader position management or a lack of sufficient volatility.
The liquidation heatmap for BTC/USDT highlights significant zones on both sides of its current price. Notable zones are above $93,000 and between $95,000 and $96,000. The crucial area appears around $75,000.
Forecasts for Bitcoin Price
If Bitcoin price sustains above $85,000, a breakout of the $91,800 resistance could occur, leading to a new ATH around $93,400. Support is expected around $81,600 if it declines below $85,000, with further fall possibly leading to $78,650 and a support zone at $77,000-$76,000.
Bitcoin shows sustained positive dynamics despite consolidation. Monitoring price reactions at key levels is necessary to validate or adjust current forecasts. It's crucial to remember that technical analyses exclude fundamental impacts that can affect cryptocurrency prices.
