Is BTC Ready To Conquer $100,000 After Recent Corrections?

Bitcoin price is still struggling to climb above the $100,000 level after breaking above it last week.

However, the structure of the market indicates that it could only be a matter of time.

Technical Analysis

By Edris Derakhshi (TradingRage)

The daily chart

On the daily time frame, the price has been gradually rising over the past few weeks as the market has slowed down after the break above the $90,000 level.

Still, while BTC briefly traded above $100,000 last week, it has been unable to continue higher or hold above that level. Meanwhile, as the market structure remains bullish and the RSI is clearly showing bullish momentum, Bitcoin is likely to break higher soon.

The 4 hour chart

Looking at the 4-hour chart, the asset has been making higher highs and higher lows over the past few weeks, forming a fairly narrow ascending channel. The market is currently resting on the lower boundary of the pattern, which could lead to a rally to the higher trendline and values ​​above $100,000 in the coming weeks.

On the other hand, if the lower boundary of the pattern is broken, a drop towards the $90,000 support area could be expected. However, looking at the way things are right now, the bearish scenario is less likely.

Chain analysis

By Edris Derakhshi (TradingRage)

Financing rates

Although the price of Bitcoin is slowly climbing back towards the $100,000 level, and probably higher, futures traders should be optimistic. However, last week’s rapid rise above the $100,000 level and subsequent decline have significantly cooled sentiment in the futures market.

This chart presents the funding rates metric, which is a good indicator of futures market sentiment. It shows whether buyers or sellers are more dominant and aggressive in executing their orders. Typically, positive values ​​are associated with bullish sentiment and vice versa.

While aggregate funding rates for Bitcoin increased massively last week, the huge volatility on the day BTC finally hit $100,000 led to significant liquidations. As a result, funding rates have returned to normal values ​​for a bull run, which could lead to a more sustainable rally in the coming weeks.

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