Key Takeaways
Bitcoin simply tagged a contemporary all-time excessive, with momentum indicators backing the transfer. BTC faces a key quick liquidity cluster at $123k, breaking above this might unlock the trail to $125k.
Bitcoin [BTC] simply ripped to a contemporary all-time excessive, breaking into the $122k zone with a robust 2.42% intra-day transfer. Actually, it’s now formally Bitcoin’s most aggressive rally of the cycle to this point.
How aggressive? Only a week in the past, BTC traded inside a slim $109k-$110k vary.
Since then, it has surged practically 12%, outpacing even the post-election breakout, the place BTC topped out at $108,230 with an 11.12% weekly achieve.
Technically, it’s exhibiting up within the indicators too. Not like previous highs the place the MACD flipped bearish shortly after the highest, this time it’s holding agency.
In the meantime, the RSI is grinding increased in tandem with worth, which suggests the rally isn’t working on fumes.
Supply: TradingView (BTC/USDT)
That’s a transparent shift from how previous tops performed out, and this divergence issues. Why? On the time of writing, Binance data reveals over 65% of accounts stay web quick, reflecting persistent disbelief.
Actually, Bitcoin’s 12H heatmap reveals the closest quick liquidity pocket sitting at $123,317, with round $52 million stacked.
If this technical divergence holds, might Bitcoin be establishing for a basic short-side liquidity sweep into that zone?
All-time highs stack up as Bitcoin eyes subsequent liquidity goal
As AMBCrypto flagged, Bitcoin’s back-to-back all-time highs aren’t simply “hype”. As a substitute, they’re backed by billions flowing into ETFs, sturdy HODLer conviction, and a wave of quick liquidations preserving momentum alive.
On prime of that, CryptoQuant data reveals we’re not in full-blown euphoria but, underscoring the technical divergence we’re seeing.
Merely put, threat urge for food stays elevated, with sentiment anchored in greed however not but tipping into mania.
Supply: Various.me
That places the $52 million quick liquidity cluster round $123k firmly in focus. A decisive break above this zone might open the door for Bitcoin to focus on the $125k degree subsequent.
Given the present technical setup and the underlying sentiment, that state of affairs seems more and more possible.