- Bitcoin rises 2.53% to $111,101 with a 38.83% increase in daily trading volume, approaching all-time highs.
- A 90% chance of new all-time highs exists if the current weekly low support level holds steady.
- Market remains range-bound, with traders waiting for breakout signals and monitoring potential volatility.
At the time of writing, Bitcoin (BTC) is trading for $111,101 and has increased by 2.53% over the past 24 hours. The daily trading is at $58.76billion, which is an increase of 38.83%. However, Bitcoin is still on the rise, with a 1.91% rise seen in the past week. The digital currency is nearing new all-time highs.
Source: CoinMarketCap
Jip Molenaar highlighted that Bitcoin is achieving new weekly highs. He observed the bullish market strength. Molenaar captured 50% of the longs in three trades by closing the long positions. He is still confident, and he retains the rest of his positions. TribeCapital has been provided with evidence of its trades.
Source: X
Bitcoin’s Bullish Momentum
Bitcoin is likely to maintain its value at the current weekly low. He forecasts 85.6% support at this level. Also, he has an 86.1% probability of new pivots forming, and it could result in additional profits. In the short term, Bitcoin may attain $113,807.82, provided the weekly low is maintained. This price would drive Bitcoin near its all-time high.
Source: X
Also Read: Bitcoin Inches Toward $109,000, Will It Break Out This July?
According to Molenaar, Bitcoin stands at a probability of reaching a new all-time high of 90% in case the weekly low holds. The price is nearly reaching $111,980, which is almost near the record high. There has been an increased possibility of breaking this level as BTC continues to show a bullish trend.
Source: X
Range-Bound Market Movement
Analyst DD has revealed that the market is in a range-limited price movement. The past two weeks have been quiet with no easy build-up of a strong move. Before making any trades, DD waits until the market exits its local price range. He is still interested in long positions in case the price hits the local lows, but is wary in case the price gains earlier.
Source: X
The order flow in the market is quite inactive at the moment, with important indicators such as Open Interest and Cumulative Volume Delta (CVD) being stagnant. Nevertheless, DD is monitoring the presence of volatility. An upward trend in these metrics might be an indicator that the market has changed.
Source: X
The further rise of BTC to new heights appears to be a matter of time, yet the situation in the market cannot be predicted. With BTC creeping up to its all-time high, traders remain vigilant of any sharp actions in the market.
Also Read: Bitcoin Set to Rise: The Dollar’s Decline May Unlock Major Growth
