Bitcoin continues to trade near all-time highs, supported by strong technical patterns, increasing futures activity, and growing political attention.
Technical Analysis of Bitcoin
Bitcoin is in a rising wedge formation, as shown in analyst Crypto Tony’s recent chart. The price is approaching the wave (i) peak near $118,000–$120,000, with a potential retracement towards the wave (ii) region between $95,000 and $100,000 after wave (i) completes.
Increase in Futures Open Interest
Data from Coinglass highlights a sharp increase in Bitcoin futures open interest since early 2023, growing from $1.37 billion to over $120 billion. This trend has closely followed Bitcoin's price rise, indicating heightened market participation and trader confidence.
Political Changes and Their Impact on Cryptocurrencies
President Donald Trump has announced a shift in national policy toward cryptocurrencies, reflecting increased political focus on digital assets. SEC Chair Paul Atkins confirmed that the government has officially issued a 'stamp of approval' for Bitcoin and cryptocurrencies, which could encourage further adoption.
As of now, Bitcoin is priced at $118,116.79, up 0.73% in the last 24 hours. Analysts anticipate a short-term correction, but the overall trend remains towards continued growth in the years ahead.
