Bitcoin continues its upward trend, breaking the $110,000 mark. This article discusses the current market dynamics and price forecasts for the cryptocurrency.
Approaching High Liquidity Zones
According to data from Alphractal, Bitcoin is moving towards areas with high short liquidity after breaching the $110,000 level. The liquidation heatmap indicates price targeting positions that may be quickly liquidated.
> Bitcoin Moves Towards Liquidity. > — Alphractal.
SMA Multiplier Model and Price Projections
The SMA Multiplier model by CryptoQuant indicates that Bitcoin is following a long-term trajectory with a potential price movement toward $250,000 by the end of the current cycle. By combining 4-year data, the model identifies zones where price action is likely to meet support.
Bullish Momentum Confirmed by Technical Indicators
Currently, Bitcoin is trading at $110,616, marking a 0.90% increase over the last 24 hours. Technical indicators such as MACD and RSI show strong bullish tendencies, suggesting an upcoming rise, with the next resistance level at $115,000.
In the current market situation, Bitcoin exhibits strong bullish signals, occurring amidst high liquidity and confirmed by technical indicators. Further growth towards $250,000 is anticipated.
