Bitcoin to the MOON! 🚀

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Oh my, oh me! The price of Bitcoin is on a jolly good roll, old chap! It’s currently trading at a whopping $109,500, which is a 4% increase this week and a 2% rise intraday. And all this despite some old, dusty wallets being revived, like a bunch of sleepy bears waking up from hibernation! 🐻 Two wallets, which had been inactive for over six years, transferred a total of 8,000 BTC into a custody wallet controlled by Coinbase Prime. Blimey!

But wait, there’s more! Data from Glassnode revealed that over 80,000 BTC, untouched for five years or more, moved last Friday. It’s like a treasure chest overflowing with golden coins! 💰 The revival of these long-dormant coins has sparked speculation about a potential market dump, but the market has shown little reaction. It’s like a big, fat shrug emoji 🤷. This indicates strong accumulation beneath the surface, like a sneaky squirrel stashing away nuts for winter!

And if that’s not enough, the US Dollar Index (DXY) has reached its lowest level in 21 years compared to its 200-day moving average. It’s like a big, red flag waving in the wind, shouting “Buy Bitcoin, you fools!” 🚨 This weakness in the DXY is typically seen as bullish for risk assets like Bitcoin. So, the experts are now predicting a near-term target of $140,000 for Bitcoin. Whoa, that’s a big number! 🤯

Bitcoin has recently broken out of a flag pattern and is now consolidating near its upper boundary. If it clears the swing high from June, a rise to $120K appears likely in the short term. It’s like a rocket ship blasting off into the stratosphere! 🚀

Technical indicators are also signaling bullish momentum for Bitcoin. The MACD has formed a golden cross, accompanied by a rising histogram, while the Awesome Oscillator (AO) confirms that momentum is picking up. It’s like a big, green light flashing “Go, go, go!” 🚦

Similarly, the Chaikin Money Flow (CMF) indicates strong and increasing money flow, reflecting positive sentiment in the market. The Relative Strength Index (RSI) is currently above the median line at 58, suggesting that Bitcoin’s strength remains intact, with ample room to grow before entering overbought territory. It’s like a big, juicy burger with all the fixin’s! 🍔

And if you thought that was all, folks, think again! Experts are eyeing even higher short-term targets, with some suggesting a potential climb to $140K. Notably, analyst Mister Crypto has identified a bullish cup and handle pattern forming in the price action. The “cup” took shape from January to early May, while the “handle” has been developing from late May to early July. Once this pattern breaks out, Mister Crypto is targeting a parabolic move to $140K. It’s like a big, shiny trophy waiting to be won! 🏆

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2025-07-09 16:12