Crypto Blog
Bitcoin’s price has once again broken above the $100K level, and investors are wondering whether it can keep above this time around, especially after bouncing off the plunge below $90,000 on Monday.
If the cryptocurrency closes above this level, it is very likely to trend higher in the coming months and potentially reach the $120K mark.Looking at the 4-hour chart, the market has been consolidating inside a large falling wedge pattern, testing the higher and lower boundaries on multiple occasions. Yet, the asset has finally broken the higher trendline to the upside. Based on classical price action, the cryptocurrency is now expected to move toward the $108K all-time high.
While Bitcoin’s price is once again breaking above the $100K level, understanding the supply and demand dynamics could provide valuable information. This chart presents the BTC exchange reserve, which measures the amount of Bitcoin held in exchange wallets.
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