So, Bitcoin’s been feeling pretty smug lately, breezing past its 100 and 200-day moving averages like it owns the place — all strutting around $90K. But hold on to your crypto wallets, because $100K is looming like that awkward ex you kinda want to avoid but also can’t help glancing at. Expect a bit of price drama and hand-wringing before it either moonwalks past or faceplants spectacularly.
Technical Analysis
By Shayan (the market whisperer)
The Daily Chart
Bitcoin’s just thrown a major flex, forcing its way above a “no buyers allowed” zone around $90K. It’s basically claimed the 100 and 200-day moving averages like it’s swiping right on a hot date with “buyer’s dominance.”
Now, we hit the big, shiny $100K signpost, nicknamed “the Godzilla of psychological barriers” — expect a messy bit of consolidation here, like a toddler refusing bedtime, before any glorious breakout. Pass this test and Bitcoin winks at its old flame, the all-time high (ATH).
The 4-Hour Chart
Zooming in, Bitcoin’s been busy gatecrashing the party above a descending channel at $84K, blasting through $90K resistance like it’s got VIP access. The buyers are evidently very committed — like that one mate who promises they’ll help you move but actually shows up.
But now, as it nears that hard-to-ignore $100K cluster, it’s a cliffhanger. Either it smashes through and chases the ATH like a dog spotting squirrels or it sulks just below, waiting for another caffeine-fueled rally.
On-chain Analysis
By Shayan
Here’s where things get juicy: back in October 2023 and September 2024, every time Bitcoin tried a comeback, Binance Futures funding rates went all negative Nancy on us early in the rally—basically screaming “Buyers, where ya at?!” during dips and chilly market moods.
Flash forward to raging bull runs — leverage-hungry traders dive in like it’s Black Friday, driving funding rates into the stratosphere, only to trigger that predictable “oops, pullback time” moment. Classic.
Right now, after a 28% sprint off the lows, those funding rates are finally waking up, like a hungover crowd realizing last call just ended. This suggests leveraged longs are creeping back in, playing the hype game again.
Looking at the past two recoveries, current vibes, and all the price action jazz, Bitcoin’s probably got its sights set on smashing that old record and writing a new chapter. Fingers crossed it’s not just another crypto soap opera.
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2025-04-27 21:29