The post Whales Bullish on Bitcoin While Degens Trying to Push Price Lower: May Reach $100K Only if This Trade Plays Out Well appeared first on Coinpedia Fintech News
The crypto markets have entered a strong bullish range after the historical win of Donald Trump as he became the 47th president of the state. This move was extremely important as the markets consolidated, maintaining less volatility just before the elections and breaking out of the zone soon after the results. This suggests the whales, institutions and retail traders are bullish on Bitcoin, which substantiates the bullish claim of marking $100K in a short while from now
After displaying a monstrous rally, the bulls seem to have relaxed a bit as the bears are extracting some profits, pushing the prices below $75,000. Meanwhile, the token remains much above the pivotal support at around $72,500, indicating the recent move could be just a small preview of the upcoming bullish action.
Bitcoin ‘Dengen’ Get Activated—Will the Push the Price Below $74,000?
As the token marks a new milestone, Senator Cynthia Lummis, a Bitcoin advocate, proposes a strategic BTC reserve plan aiming to stack up nearly 1,000,000 BTC over the next 5 years. Besides, the spot ETF volume hit a new high of over $6.5 billion with the demand reaching its peak. The big players are making huge moves as Blackrock’s IBIT records a volume of over $4.17 billion.
After a monstrous move, the markets have clam down a bit as the FOMC meeting is expected to shake up the market in a short while. The rise in the price has also invited some shorts who look for a pullback close to $74,000 or slightly below these levels. As per the data from Coinglass, nearly $90 million in shorts have been accumulated around this range.
These traders could be the ‘Dengens’ who are usually involved in high-risk trading and now speculate a wild FOMC tomorrow. These are expected to create some bullish and bearish waves ahead of the Fed chair speaking up but induce an insane level of leverage. This could be slightly worrying while the bulls are required to hold some crucial levels around $68,500.
What’s Next for the Bitcoin (BTC) Price Rally? What Could Be the Short-Term Price Targets?
The historical BTC price chart indicates the price is on a bullish trajectory as the token recently broke out from the bearish range. The rise from the 7-month descending consolation has paved the way for the bulls. Therefore, regardless of the interim bearish projections, the levels remain elevated, aiming to rise above $80,000 anytime from now.
The monthly RSI has risen back above the ascending trend line after remaining below the range for quite a long time. Besides, the price remains within the resistance zone, fueling the bullish possibilities. In case of a pullback, the resistance of the parallel channel may offer a strong base to trigger a strong rebound. Therefore, as long as the Bitcoin (BTC) price holds above the resistance zone between $68,529 and $72,080, the bullish narrative could remain intact, pushing the price towards the highs above $85,000 before the end of 2024.
