Bitcoin -Price analysis: This key resistance is on the path from BTC to New Ath

The price of Bitcoin has been withdrawn after setting a new high above $ 124k. However, after the announcement of the Federal Reserve with regard to a possible interest rate, the market found support at an important level and bounced. If this zone keeps holding, BTC can be prepared for a new upward rally.

By Shayan

The daily graph

Bitcoin recently broken on the daily graph under his long -term rising channel, indicating a potential trend removal. But with the chance of an upcoming interest rate reduction, the prize of the $ 110k support zone has returned, which also matches the 100-day advancing average.

At the same time, the RSI is floating near 50, due to market decisions and neutral momentum. As long as the price remains below the lower limit of the broken channel, the risk of a deeper decline remains, whereby the 200-day advancing average is a potentially target near the $ 100k area. However, if the current Rebound collects the power, a meeting to the $ 130k region and possibly higher will remain a probably scenario.

The 4-hour graph

The 4 -hour graph emphasizes the recent price action with more clarity. As soon as Bitcoin came to support $ 112K, which connects the most important low from the beginning of August, the market responded strongly to the interest rate news, which activated an almost vertical rally to the $ 117k resistance zone.

While the momentum is currently the buyers paying, the level of $ 117k remains an important obstacle. If this resistance applies, the price can easily withdraw to the support level of $ 112k or even lower. A decisive breakdown of this support zone would probably cause a wave of long liquidations, making the market possibly floats to the critical $ 100k level, which is the Make-Or-Break area for the wider upward trend.

Onchain -analysis

Financing percentages

Bitcoin’s financing rates have remained consistently positive for a longer period, which shows that the derivatives market continues to tend to bullish positioning. Although there have been small liquidation phases along the way, these corrections have not shifted the general bias, because the futures market sentiment is still positive.

What is remarkable is that the size of the current financing percentages has not been observed near the extreme peaks during earlier main prideops. This suggests that the market is not overly overheated, so that the bullish trend remains possible.

In a positive financing environment, however, the risk of a liquidation cascade always lingers. If the most important support levels break, long traders can be quickly forced, which activates the downward movement and a sharp correction is activated.