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Bitcoin News: Assessing the Highs and Lows Above $100,000
Despite recent heavy selloffs, Bitcoin retains its position above the critical $100,000 mark, with current trading figures around $103,700. However, fatigue signs are emerging, particularly in the last 48 hours. While long-term forecasts remain bullish, short-term analyses suggest weakening momentum as Bitcoin approaches the significant $100,000 support zone.
The Good News: Strong Long-Term Outlook
According to renowned crypto analyst Willy Woo, a key long-term indicator, the Bitcoin Risk Signal, is trending downwards, signaling dominant buy-side liquidity and setting the stage for further price increases. This decrease in risk levels indicates a safer environment for long-term Bitcoin holders and potential accumulators. Woo maintains that with Bitcoin well above $100,000, the long-term momentum remains bullish. He predicts the next significant surge could propel Bitcoin past $114,000, potentially triggering short position liquidations.
The Bad News: Short-Term Concerns
Conversely, in the short term, indicators like the Speculation and Spent Output Profit Ratio (SOPR) metrics advise caution. These metrics suggest that the rally’s strength from $75,000 to $112,000 is diminishing, especially given the stagnant capital inflow observed over the past three days. This week’s market activity is pivotal; without strong follow-through, Bitcoin may enter another consolidation phase. With US markets reopening after a holiday, the upcoming week is critical. A failure to see a pickup in spot buying could lead to a bearish turnaround.
Bitcoin’s price dynamics this week could dictate whether it ascends above $114,000 towards the $118,000 to $120,000 liquidity zones or confirms bearish divergences for another consolidation.
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