CandleFocus

Bitcoin Price Analysis: History is Made at $100K, Here’s the Next Target

Author: Content Editor
Bitcoin has broken through the $100,000 milestone and is pushing towards $105,000. The market structure is bullish, potentially leading to a run towards $120,000 in the short term. However, the RSI is in the overbought region and a correction is likely, presenting a buying opportunity. The 4-hour chart shows a gradual increase in price after breaking above the $90,000 resistance level, and today's breakout above $100,000 could result in a continuation higher. However, the RSI also suggests a pullback towards the bullish trendline and $96,000 before moving higher again. Analyzing the futures market sentiment shows positive momentum but also the potential for a reversal. High funding rates often lead to sudden drops due to long liquidation cascades. Bitcoin's aggregate funding rates are currently at the highest level in the past year, indicating a likely correction and period of consolidation.

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