- BTC gains 8.13%, crosses $90K with RSI at 56.08, signaling potential for further growth.
- Open interest jumps 6.96% to $50.16B, reflecting increased speculative trading activity.
- $203.93M in liquidations, with $135.54M in shorts, fueling Bitcoin’s price momentum.
According to current market statistics, Bitcoin’s price has surpassed $90,000 and reached $90,463.09 showing an 8.13% growth during the last 24 hours. The recent price surge has caused traders to become hopeful, but aggressive market movements still create uncertainty.
Despite strong Bitcoin price fluctuations, the Bitcoin dominance index ($BTC.D) shows resistance within a fixed range, between 54.5% and 61.5%. According to Daan Crypto data, traders are showing minimal movement in either direction as they wait to determine whether Bitcoin can sustain its uptrend, facing resistance at current price levels.
Is Bitcoin Gaining Momentum or Stalling?
The Relative Strength Index (RSI) measurement for Bitcoin currently shows 56.08 which indicates neutral market momentum. Bitcoin demonstrates the potential for additional price growth before reaching the point where it could be considered overbought. A rise in the RSI level above 70 marks the beginning of potential trader selling that triggers market adjustments.
The Moving Average Convergence Divergence (MACD) demonstrates an upward swing because its line reached 279.35 while surpassing the signal line which stayed at 230.18. Bitcoin could increase in value while any decline in buying momentum could cause prices to pull back.
Derivatives Market: Speculative Interest Rises
Bitcoin derivatives market activity keeps climbing as open interest expands by 6.96% to reach $50.16 billion. Traders’ increased participation in leveraged financial instruments represents their predictions of continued price escalation. Options open interest data demonstrates market participation growth with a 5.20% increase to $33.84 billion.
The BTC/USDT long/short ratio among Binance’s top traders stands at 1.8173 while the exchange-wide ratio still shows a slightly positive outlook at 1.0084. Most leading traders demonstrate positive expectations about Bitcoin price trends through their choice of long positions.
The Bitcoin price has accelerated due to extensive short-term selling positions, which resulted in $203.93 million in position eliminations, of which $135.54 million stemmed from short bets. Traders have caused the rapid price increase of Bitcoin by attempting to compensate for their losses.
Related: Bitcoin Meets Firm Resistance and Eyes $82K Support Level
What Comes Next for Bitcoin?
Bitcoin surged beyond $90,000, providing new strength to the market. The holding power of Bitcoin versus alternative altcoins and other digital assets remains within a defined trading range, which indicates additional potential profits for alternative cryptocurrencies. Technical indicators confirm an upward trend yet rising market unpredictability will likely occur when purchasing strength diminishes.
The derivatives market reflects growing speculation, as evidenced by increasing open interest and liquidations, driven by active trading behavior from participants assessing future price movements. Bitcoin could advance toward additional gains once it surpasses its resistance point. A decrease in purchase activity might lead to market correction. Traders will intensely observe the upcoming Bitcoin price movement to assess its ability to maintain its current rise or indicate potential upcoming market dips.
