Bitcoin price inches closer to new all-time high as ETH, DOGE, PEPE and ATOM rally

Bitcoin made a decisive move above the psychologically crucial $100,000 level during the week, signaling that the bulls are back in the game. Buyers are trying to hold on to the 10% weekly gains over the weekend. Bitcoin’s rally has been backed by solid inflows into the BlackRock spot Bitcoin exchange-traded fund (IBIT). According to Farside Investors’ data, the fund stretched its inflows streak to 19 days, with the latest trading week attracting $1.03 billion in inflows.

Crypto market data daily view. Source: Coin360

The rally was not limited to Bitcoin alone, as several altcoins also moved higher. That has prompted analysts to announce the start of an altseason, with some predicting sharp rallies in altcoins over the next few months. However, not everyone believes that an altseason has started because the altcoins have only made modest moves compared to the massive price erosion from their respective all-time highs.

Bitcoin has been gradually inching toward the all-time high of $109,588, indicating that the bulls are in no hurry to book profits. The rally has pushed the relative strength index (RSI) into the overbought zone, suggesting a correction or consolidation in the near term. Any pullback is expected to find support between $100,000 and the 20-day exponential moving average ($96,626). If the price rebounds off the support zone, it increases the possibility of a break above $109,588. If that happens, the BTC/USDT pair could surge toward $130,000.

Time is running out for the bears. If they want to make a comeback, they will have to swiftly yank the price below the 20-day EMA. If they succeed, the pair could plunge to the 50-day simple moving average ($88,962). The pair continues to climb higher, but the bears are expected to fiercely defend the $107,000 to $109,588 zone. If the price turns down from the overhead zone, the 20-EMA is likely to act as strong support. A bounce off the 20-EMA signals that the bullish momentum remains intact. That enhances the prospects of a breakout above $109,588.

Source: CoinTelegraph

Futures Market Updates

BTC OI is nearing $70B after prices went back to $100K.

Bitcoin Futures Updates

Total BTC Open Interest: $67.23B (+2.47%)

BTC Volume (24H): $81.88B (+7.83%)

BTC Liquidations (24H): $22.01M (Long)/$21.12M (Short)

Long/Short Ratio: 50.07%/49.92%

Funding Rate: 0.0098%

Ether Futures Updates

Total ETH Open Interest: $28.51B (-5.60%)

ETH Volume (24H): $85.55B (-35.80%)

ETH Liquidations (24H): $77.71M (Long)/$28.36M (Short)

Long/Short Ratio: 49.02%/50.98%

Funding Rate: 0.0082%

Top 3 OI Surges

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