Recently, the price of Bitcoin (BTC) reached a new all-time high, briefly surpassing $111,970. This event is a result of a long-term trend and has attracted the attention of analysts and investors.
Open Interest Surge Confirms Strength Behind BTC
Crypto analyst DaanCrypto noted that open interest in Bitcoin surged by $1.1 billion just before a sharp $400 million flush occurred. This happened as prices reached $111,000.
This liquidation event cleared many overleveraged long positions, which is a positive signal as the Bitcoin price held above $108,000. This indicates that spot buyers are present and willing to support the price at higher levels.
Bitcoin Dominance Rises Amid Altcoin Pressure
As Bitcoin hits new highs, its market dominance has increased to 63.8%. This indicates real capital rotation, as altcoins continue to face selling pressure. A rising dominance metric often confirms Bitcoin's strength during breakout phases.
Global Trends and Bitcoin Price Prospects
According to current trends, Bitcoin is now using Fibonacci extensions to project potential support and resistance levels. Analysis shows that the next key areas to watch are at $112,439, followed by $116,000 and higher levels like $135,425. However, if the price falls below $107,000, it may weaken the short-term bullish thesis.
The price of Bitcoin and the associated trends indicate that the current dynamics are supported by healthy flows and increasing dominance. Investors and analysts expect Bitcoin to be able to convert this breakout into a more significant movement, focusing on key resistance levels and potential liquidations.
