Bitcoin shows significant recovery after a drop in early June, with analysts forecasting further price movements.
Current Bitcoin Price and Market Signals
Since early June, Bitcoin's price has increased by 10%, reaching a peak of $110,800 on June 9. However, the current price fluctuates around $105,000. Analysts believe that data on open interest and 'liquidation exhaustion' suggests a possible upward price movement.
Open Interest Divergence and Its Impact
Onchain data reveals a notable divergence between Bitcoin's price and Binance open interest. The open interest failed to reach its previous peak, which may indicate liquidity exhaustion and a potential rise. Analysts also point out that the current situation may be favorable for Bitcoin in light of the Federal Reserve's decision to keep interest rates unchanged.
Future Price Prospects for Bitcoin
Analysts indicate a key resistance at $108,000 that needs to be broken for further growth. Some experts predict that Bitcoin might exit its narrow range between $103,000 and $109,000 this month headed towards a new rally.
An analysis of current market conditions and key support and resistance levels shows that Bitcoin may be poised for significant movement if the $108,000 level is surpassed.
