Bitcoin is currently hovering around the $100,000 mark, and traders are eyeing $106,000 as a crucial level for the next big move. The funding rates heatmap has surprised many, especially as BTC tests its support at $100,000.
Right now, Bitcoin (BTC/USD) is trading in a tight range near $100,000. This has sparked predictions from traders and technical analysts about a possible breakout soon.
In a recent post on X, technical analyst Kevin pointed out that BTC is consolidating along an upward trendline. He noted that this aligns with the macro "golden pocket," which is defined by the previous bull market high and the bear market low.
Kevin believes this tight consolidation phase won’t last long. He sees significant upside liquidity blocks extending to $106,000. This level matches the macro 1.703 Fibonacci (Fib) level on a linear chart.
Whale activity, like large call purchases for MicroStrategy stock, suggests that big players are anticipating Bitcoin's next upward movement. If BTC breaks through the golden pocket and the 1.272 Fib level on a logarithmic chart, it could quickly rise to $128,000. This target coincides with the Pi Cycle Top Moving Average and the macro 1.414 Fib level.
However, hitting $106,000 is crucial for this upward trend to continue. The resistance above this level is relatively thin.
In a noteworthy policy move, Texas State Representative Giovanni Capriglione proposed creating a Strategic Bitcoin Reserve. This would allow Texas to accept, store, and manage Bitcoin donations from residents. It’s a significant step toward institutional adoption.
Data from IntoTheBlock shows a 13.1% decrease in large transaction volume, while daily active addresses have increased by 3.8%. Transactions over $100,000 are holding steady with an upward trend. Plus, exchanges are seeing a net flow increase of 263.8%.