Bitcoin’s price struggles to surpass the $100,000 level, yet the market structure indicates that it may only be a matter of time. Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
The price has gradually climbed over the past few weeks on the daily timeframe as the market slowed down after breaking above the $90,000 level.

However, Bitcoin has not been able to continue higher or stay above the $100,000 level. Meanwhile, with the market structure remaining bullish and the RSI showing bullish momentum, it is likely that Bitcoin will break out higher soon. The 4-Hour Chart
The asset has formed a narrow ascending channel on the 4-hour chart, making higher highs and lows over the past few weeks.

The market is currently getting supported at the lower boundary of the pattern, which could lead to a rally toward the higher trendline and values bigger than $100,000 in the coming weeks. If the lower boundary is broken, a drop toward the $90,000 support zone could be expected, but this scenario is less likely.

On-Chain Analysis
By Edris Derakhshi (TradingRage)
Funding Rates
Bitcoin’s price slowly rising toward the $100,000 level and possibly higher has futures market traders feeling optimistic. However, the quick rise above the $100,000 level and the flash crash afterward cooled down the futures market sentiment significantly.

The funding rates metric, which serves as a good proxy for futures market sentiment, shows the dominant and aggressive traders. Typically, positive values are associated with bullish sentiment and vice versa. Last week, Bitcoin’s aggregate funding rates spiked massively due to the quick rise to $100,000 and the volatility that followed, resulting in significant liquidations.

As funding rates return to normal values for a bull run, a more sustainable rally may be expected in the upcoming weeks.

Source

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