New Ath for bitcoin or hard rejection in advance? (BTC -price analysis)

Bitcoin is approaching a potential new of all time, steadily ahead to the $ 123k. In general, both technical indicators and sentiment data indicate continuous potential, which suggests that the rally still has a momentum behind it.

By Shayanmarkets

The daily graph

Bitcoin continues to follow a sharp -rising channel on the daily age, so that he has been consistently forming higher highlights and higher lows since mid -April. The recent bullish crossover between the advancing averages of 100 days and 200 days further strengthens the Bullish market structure.

With the price that is approaching the most important resistance level of $ 123k, many traders expect a strong outbreak and potential continuation of the rally. For now, the lower trend line of the channel acts as dynamic support, which pushes the price higher.

However, if this channel support failed due to a sudden withdrawal, the nearby $ 110k level, along with the 100-day advancing average in the neighborhood, could serve as a critical support zone, which may cause a rebound and continuation towards fresh highlights.

The 4-hour graph

The 4-hour graph suggests that Bitcoin has clearly shifted from a bearish or lateral phase to a bullish structure and breaks from the falling channel after almost a month of consolidation. The active now follows an upward trend line and consistently creates lows while it pushes up.

The RSI remains above the 50 -level, strengthening the bullish momentum and increasing the chance of a retest and potential outbreak above $ 123k high. Still, if a pullback occurs, the $ 116k support zone could act as an important area for a rebound and continuation of the upward trend.

Chain analysis

Bitcoin open interest

Open interest (OI) is an important statistics in derivatives markets that reflect the total number of outstanding futures and option contracts. Usually, when the price of Bitcoin rises, open interest also increases as more traders open long positions, in expectations of the rally. This behavior is often driven by the growing market participation, an increased leverage and the general bullish sentiment.

In recent weeks, however, the price of Bitcoin has gradually climbing, while the open interest rate has fallen steadily. This divergence suggests that the current rally may not be fed by lifting tree positions or aggressive speculation, but rather due to the spot demand or short coverage.

This decrease in the OI, despite rising prices, can indicate a healthier, less speculative rally, but it also means that if the momentum slows, there may be fewer participants to defend the most important levels quickly.