After a week of price fluctuations, Bitcoin is showing renewed strength thanks to supportive factors.
Surge in Bitcoin Interest
Demand for Bitcoin continues to rise as recent dip-buying has established strong support levels. Bitcoin has found support around $110K, increasing buying activity and creating opportunities for new weekly highs. Institutional investor interest is also contributing to the stability of support levels.
Increase in Bitcoin Open Interest
Recent data shows positive changes in Bitcoin's open interest. According to Coinglass, over $280 million in liquidations were recorded in the last 24 hours, with buyers accounting for around $264 million of those positions being closed. CryptoQuant noted that large-scale selling has not fully taken over the market yet, creating growth opportunities.
Future of Bitcoin Price
Currently, Bitcoin's price is trading at $112,434, down by 1.65% in the last 24 hours. Buyers are expected to defend the range between $110,000 and $112,000. If the price bounces from this support level, it may rise toward the 20-day EMA ($113,500). However, if Bitcoin fails to break above this level and falls below $110K, it may indicate seller control, dropping the price down to the key psychological level of $100,000.
The financial situation surrounding Bitcoin shows buyer activity and support at key levels. The future trend will depend on Bitcoin's ability to remain above important price levels.