Bitcoin (BTC) has recently surpassed the significant $96,000 resistance level, trading at $98,633.53 as of November 24, 2024. This upward movement aligns with predictions from the Long-Term Power Law model, suggesting potential price discovery towards $120,000 if Bitcoin maintains its position above the critical support level.
- Bitcoin surpasses $96K resistance level.
- Price target set at $120K.
- Strong bullish momentum indicated by RSI.
- Increased buying pressure across major exchanges.
- Declining supply on exchanges boosts prices.
- Active addresses and transactions on the rise.
The recent surge in Bitcoin’s price is attributed to several factors, including increased buying pressure across major exchanges. The Taker Buy/Sell Ratio has reached 1.03, indicating that buyers are outpacing sellers. Notable exchanges like Binance, OKX, and Bybit have reported heightened activity, reflecting growing demand from both institutional and retail investors.
Additionally, Bitcoin’s exchange reserves have decreased by 0.29% over the past 24 hours, now totaling 2.509 million BTC. This decline suggests that more investors are moving their assets to cold wallets, indicating confidence in Bitcoin’s long-term value and reducing immediate selling pressure. Lower exchange reserves can lead to tighter supply, potentially driving prices higher.
On the network activity front, the number of active addresses has increased by 1% to 10,703, while transaction counts rose by 0.79% to 540,000. This uptick in user activity and transaction volume supports the bullish narrative surrounding Bitcoin, suggesting that the current momentum may be sustainable.
In summary, Bitcoin’s breakout above $96,000 is a significant development, supported by strong technical indicators and on-chain metrics. As long as it remains above this critical support level, the cryptocurrency could continue its upward trajectory towards the $120,000 target.
Overall, Bitcoin’s current position above $96,000, coupled with strong buying interest and declining exchange reserves, positions it favorably for further price increases, with $120,000 as the next key target.
