BTC Skyrockets After Crypto Reserve Plan: Will Bulls Take It to $127K?
Since U.S. President Donald Trump announced the creation of a strategic crypto reserve, the cryptocurrency market has been soaring. Bitcoin rose from $86,000 to $95,000 yesterday, a 9.5% increase. As of right now, Bitcoin is trading at a market value of $90,388 after rising 6.05% intraday. A breakout rally is the goal of the bullish Bitcoin rebound, which is challenging the local resistance trendline. However, what investors are most curious about is whether the rally will push the Bitcoin price to $127,000.
Bitcoin Rallies from $78K to $90K: Can Bulls Maintain Momentum?
The price action of Bitcoin shows a positive recovery from the Fibonacci level of 61.80%, accompanied by several lower price rejections. Following the lower price rejection, Bitcoin experienced a V-shaped recovery, rising from the 7-day low of $78,197. Bitcoin’s news-driven surge has now brought it back above the $90,000 mark, surpassing the 78.60% Fibonacci barrier at $91,780. Bitcoin is currently striving for a breakout of the trendline.
The crypto market’s recent surge has also brought traders back into the game. Derivatives data shows that open interest increased by 6.47% to $54.68 billion. In addition, the ratio of long to short has stabilized at 1.0222 after rising from 0.90 levels. This shows that the amount of long holdings has increased as the market has recovered.
Bitcoin Bulls Eye $106K as Trendline Breakout Nears
The latest intraday downturn may be a retest of the broken 78.60% level, according to the Fibonacci levels. As a result, the overhead trendline will probably be surpassed by the possible Bitcoin recovery. Bitcoin is expected to reach the overhead ceiling close to the $106,000 mark as a result of the trendline breach. Positively, the 1.272 Fibonacci level at $127,800 will be reached by the breakout of a new all-time high. Bitcoin might invalidate the bullish comeback and force a retest of the $87,000 support level, though, if it closes below $90,000.
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