Can the bulls pay 106 thousand dollars?

Bitcoin maintains the power of more than $ 91,780, which is the 78.6 % Fibonacci level, hinting over a possible rise. Can BTC set the highest new level ever?

After a 10 % jump last week, Bitcoin trades at $ 94,000, with a upcoming start for the week. Bitcoin The recovery inside the day is 0.33 % after forming the lowest level in 24 hours at 92,846 dollars.

Will this short -term recovery prolong the prevailing trend to get the highest new level ever?

Bitcoin price analysis

In the daily graph, the double -bottom rise in the direction of bitcoin exceeded 78.60 % of the Fibonacci level at 91,780 dollars. Nowadays, after short monotheism, bitcoin hints towards the constant bull.

The general recovery has been canceling the chances of the “death cross” between the 50 and 200 lines. In addition, the positive transformation in the EMA line for 50 days is ready to exceed the EMA line for 100 days for the positive intersection, indicating a potential upward extension.

However, due to short monotheism, MACD lines and signal lines are witnessing a slight decline in the momentum. This leads to a decrease in the trend in the ups of the upscale graphics, which increases the possibility of a negative intersection.

Based on Fibonacci levels, a post -test reversal of 78.60 % will reach $ 106,000. In the event of an occurrence of an occurrence, a new higher level of BTC can expand to $ 127,800 at the level of 1.272 Vibonacci.

On the other hand, BTC’s support is less than 91,780 dollars standing in EMA for 100 days at 88,244 dollars.

Analyst analyzes multiple rising factors that support BTC Bull Run

The analyst Ali Martinez has highlighted the increased demand for bitcoin on the market, which is likely to lead the upward trend. In his last tweet, Martinez shared the Glassnode data that highlights that nearly 100 entities carry more than 1000 BTC have joined the network since late January.

With the entry of the new Bitcoin investors, the bitcoin accumulation degree approaches the upper ceiling of 1. These signals are intense accumulation and increasing confidence among the powerful owners.

Moreover, the investment funds circulated in the United States in Bitcoin have recorded huge flows over the past week. Last week’s net flow was 31324 BTC, which represents the highest weekly weekend since November. The demand for market prices will rise with the return of institutions to obtain more bitcoin.

Defeated merchants remain optimistic this week

Over the past 8 hours, long situations in bitcoin derivatives have increased significantly. According to Coinglass, the long positions are now 53.74 %, which enhances another to 1.16 %.

As long situations increase, attention supports the increased rise in Bitcoin the financing rate. Currently, the financing rate is 0.0038 %, which enhances the bullish narration. As a result, derivative merchants expect an upward trend this week.