Bitcoin’s Wild Ride: Will It Hit $110K or Just Keep Us Guessing? πŸ€”πŸ’°

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What to know:

  • Bitcoin‘s daily candle closed at a record high of $106,830, proving once again that it loves to keep us on our toes. πŸ“ˆ
  • Concerns over fiscal health in major economies, including the U.S., are bullish for BTC and gold. Who knew bad news could be so good? πŸ˜…
  • The next significant price level for Bitcoin is $110,000, where market dynamics could amplify price movements. Buckle up! 🎒

Now, while Bitcoin (BTC) can be traded 24/7, its candles open and close daily, much like my attempts at a regular sleep schedule. The latest data from TradingView shows that Tuesday’s candle ended (UTC) at $106,830, marking the highest-ever daily closing price. Who needs sleep when you have Bitcoin? 😴

This bullish move came as investors poured money into spot exchange-traded funds (ETFs), amidst chaotic price action in bond markets. Apparently, the fiscal health of major economies is a hot topic, and not in a good way. Who knew financial chaos could be so profitable? πŸ’Έ

Analysts told CoinDesk last week that the worsening fiscal debt situation could bode well for BTC and other assets like gold. So, if you’re feeling anxious about your finances, just remember: it could be worse! πŸ˜‚

The Coinbase Bitcoin Premium Index, which measures the price difference between Bitcoin on Coinbase Pro (USD pair) and Binance (USDT trading pair), remained positive. This indicates persistent buying pressure from U.S.-based investors. It’s like a never-ending game of β€œwho can buy more Bitcoin?” 🏦

With the uptrend in progress, the next key level to watch is $110,000. Data from Deribit’s BTC options market, tracked by Amberdata, shows that dealers or market makers hold a large net “negative gamma” exposure at the $110,000 level. Sounds fancy, right? πŸ€“

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2025-05-21 08:48