Analysts argue that Bitcoin has not reached its peak in the current bull market despite its recent rise.
Bitcoin Resistance Weakening After Breakout
Bitcoin returned above $114,000 thanks to positive macroeconomic indicators from the US. Popular trader and analyst Rekt Capital noted that BTC/USD not only broke its local downtrend but also faced a key resistance zone at $113,000. "Each rejection from $113k has yielded shallower and shallower pullbacks," he commented.
Bitcoin Cycle Speculations
Rekt Capital added that it is unlikely Bitcoin has already peaked in this bull market, as that would make this cycle one of the shortest in history. "If anything, cycles are getting slightly longer rather than shorter," he explained.
Order-book Liquidity Indicates Directions
Market participants noted a potential ‘short squeeze’ that day. Popular commentator TheKingfisher noted that the 'majority' of liquidity was now above spot price, creating a short-term magnet. Keith Alan, co-founder of trading resource Material Indicators, saw the next hurdle for bulls at the 50-day simple moving average at $114,700.
Overall, experts continue to expect Bitcoin's growth, despite previously predicted bearish trends, with the most probable resistance levels approaching in the near future.
