Bitcoin has made a powerful recovery, surging over 15% since Monday’s flash crash brought the value briefly to the $89,000 level. The rebound has reignited bullish momentum, with BTC now attempting to push above a key supply zone. Analysts consider that when BTC clears these levels, it could deliver significant returns, setting the stage for a broader rally within the cryptocurrency market.

Adding to the optimism, data from CryptoQuant reveals that open interest on top exchanges has climbed to 350,000 BTC and is trending upward. This surge in open interest indicates growing trading activity and heightened interest from each institutional and retail investors, a classic bullish signal for the market. The increasing participation suggests that market participants are positioning themselves for Bitcoin’s next major move.

As Bitcoin approaches these crucial levels, the market’s focus stays on its ability to sustain the upward momentum and make sure its bullish breakout. With trading activity rising and technical indicators aligning in favor of the bulls, BTC appears poised for one more leg up. The approaching days might be pivotal in determining whether BTC can capitalize on this momentum and proceed its path toward reclaiming latest all-time highs. Investors are watching closely for what could possibly be the beginning of an explosive rally.

Bitcoin Market Heating Up 

Bitcoin is approaching one of the vital historically bullish phases of its halving cycle—the ultimate 12 months. This era is commonly characterised by aggressive price surges, with Bitcoin leading the charge and your entire cryptocurrency market typically following its momentum. Analysts widely consider this stage a critical opportunity for investors, as BTC tends to deliver its most important gains during this phase.

Outstanding crypto analyst Axel Adler recently shared insightful data supporting this bullish outlook. In accordance with Adler, open interest on top exchanges has climbed to 350,000 BTC, reflecting a noticeable uptick in trading activity and investor engagement. This relatively high level of open interest has been steadily increasing over the past quarter, signaling a growing appetite for Bitcoin amongst each institutional and retail participants.

What’s particularly noteworthy is that despite the recent growth, the present open interest figure stays well below its all-time high. This gap suggests there remains to be substantial room for expansion as BTC progresses through this phase of the cycle. As more investors take positions in anticipation of a bullish breakout, trading activity could surge further, reinforcing upward momentum in the value.

The convergence of strong technical and market indicators with the historically bullish timing of the halving cycle paints an optimistic picture of Bitcoin’s near-term prospects. As BTC continues to draw growing interest, this phase could mark the start of a major rally, with the potential to set latest all-time highs and propel the broader crypto market to latest heights. Investors are watching closely, preparing for what could possibly be one in all Bitcoin’s most transformative periods yet.

BTC Tags $102K Supply 

Bitcoin (BTC) is currently trading at $102,900, following a 3% surge up to now few hours. This move has finally allowed BTC to clear the critical local high at $102,700, signaling the start of a possible bullish phase. With this breakout, BTC is now positioned to challenge higher levels, though sustaining the momentum would require bulls to defend key supports.

Maintaining a robust foothold above the $100,000 psychological level is crucial for Bitcoin to sustain this rally. This level serves as a pivotal support, and losing it could undermine the recent breakout, potentially resulting in consolidation or retracement. However, if BTC continues to trade above $100K, it should set the inspiration for further gains.

The following major resistance lies at $103,600, a key level that might determine Bitcoin’s ability to push into price discovery. Breaking above this mark with strength would likely trigger heightened bullish activity, propelling BTC into uncharted territory and closer to setting latest all-time highs.

As momentum builds, investors are closely monitoring these critical levels. Successfully holding $100K and clearing $103,600 could pave the best way for a transformative rally, solidifying Bitcoin’s position on the forefront of the cryptocurrency market.

Featured image from Dall-E, chart from TradingView