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Bitcoin makes history, as a six-figure BTC price is finally here. Yet, investors might wonder how far the king of cryptocurrencies can actually go.The daily chart shows that Bitcoin has finally broken through the 100K milestone today and is pushing toward the $105K level. With the market structure being so bullish, even a run toward the $120K area is possible in the short term.
Meanwhile, the RSI has once again entered the overbought region, and the 200-day moving average is also far behind the price, currently trending near the $70K mark. Therefore, there’s also a logical probability for a correction soon, which could present a buying opportunity.The 4-hour chart clearly shows the BTC price action over the last month. The market slowed down after breaking above the $90K resistance level, gradually increasing through higher highs and lows.
This chart presents the funding rates, which measure whether buyers or sellers are executing their leveraged positions more aggressively. While the metric is currently positive, indicating bullish momentum, this can also lead to a potential reversal. High funding rates are usually followed by a sudden drop as a result of long liquidation cascades.
With Bitcoin’s aggregate funding rates showing the highest level over the past year, a correction seems likely soon. This could also lead to a period of consolidation as the futures market cools down.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions.
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