Bitcoin (BTC) has surged to its highest levels since January, sparking excitement among traders who are closely monitoring key levels to determine the next move for the cryptocurrency. After reaching $104,000, BTC/USD is currently retracing to establish support, with market participants keeping a close eye on the critical $100,000 mark.

The recent price action is being described as a significant battleground, especially when measured from the lows of $75,000 earlier this year. The rapid increase in BTC price, which has seen a 10% jump in just a few days, has surprised many market participants. The sudden surge is seen as primarily headline-driven, with Bitcoin's volatility being highly sensitive to news events and social media posts, including those related to US President Donald Trump and trade tariffs.

Traders are now looking for sustained momentum to support the newly revisited levels and turn them into strong support. Passive flows, which represent strong volume and investor interest, are deemed crucial for accepting higher values, particularly after the recent market bid that pushed the price past $100,000.

Technical analysis using Fibonacci retracement levels highlights a crucial battle for Bitcoin as it hovers around the $104,000 mark. Commentators note that BTC is at the last technical level to clear before potentially reaching new all-time highs. Observers point out that Bitcoin has decisively surpassed key Fibonacci levels and is currently trading near resistance trendlines, indicating a potential breakout attempt.

However, there are cautionary notes regarding order book liquidity at current levels. Data shows that there is significant interest below $100,000, with bids clustered around that level. On the upside, there is less resistance, suggesting that the recent liquidations have already taken place as the price returned to six figures. Traders are closely watching for potential volatility or price attraction in the downside liquidation zone.

Overall, the current price action in the cryptocurrency market, particularly with Bitcoin, is generating excitement and anticipation among traders. The battle for key levels, including $100,000, is intensifying as market participants assess the potential for new all-time highs. As always, investors are reminded that every investment and trading decision carries risks, and it's important to conduct thorough research before making any financial moves.

Source: https://cointelegraph.com/news/bitcoin-eyes-sub-100k-liquidity-watch-these-btc-price-levels-next?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound