Bitcoin traders predict $80K+ BTC price after recent funding volume reset.
Bitcoin recorded its highest intraday close in 10 days on April 21, reclaiming the $65,000 level. BTC price rose 3.5% from a low of $64,346 on April 21 to $66,527 on April 22.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin (BTC) trading at $65,910 at press time, up 1.7 percent over the past 24 hours.
Two days ago, the price of the pioneer cryptocurrency rose 5% after the supply of Bitcoin was halved, which halved mining rewards, from 6.25 BTC per block to 3.125 BTC. Some market participants are wondering if Bitcoin will continue to rise after the halving.
Let's take a look at what could boost BTC in the coming months.
Bitcoin open interest mirrors October 2023
Data from Coinglass shows that Bitcoin's open interest (OI) funding turned negative on April 18th and again on April 21st. The index has now returned to positive territory and rested at 0.0079% on April 22, indicating that appetite for long positions is increasing.
This shift in market sentiment is particularly evident after significant price movements, as seen in the 5% drop in Bitcoin price between April 20 and April 22.
Bitcoin OI's recent dip below 0% marked its lowest level in more than six months, a similar setup as seen in October 2023 by X user Tedtalksmacro.
Since October, the price of Bitcoin has increased by 146%, and if the same situation occurs, BTC could lead the broader market in a sustained recovery.
Bitcoin price gains strength above $60,000
Last week, Bitcoin's price action was characterized by selling at every Wall Street open.
Analyzing the current technical setup, independent trader Skew described the weekly close above $65,000 as “excellent”.
In an earlier tweet, the trader shared the chart below with his X followers, claiming that the zone between $65,000 and $66,000 is “stuck” for Bitcoin's price.
“The $65k-$66k range is relatively tight for the HTF trend. 4 h [four-hour] The trend leads to higher deadline confirmations, I think today, that's what I'm focusing on.
Note that BTC has since broken above this zone and is now sitting at the relatively strong support defined by this area of interest. This is reinforced by data from IntoTheBlock, whose In/Out of the Money Around (IOMAP) model shows that BTC price is finding strong support versus resistance on the recovery path.
The IOMAP chart below shows that this zone is in the $64,380–$66,338 price range, with approximately 638,330 BTC already bought by 1.31 million addresses.
Next, the famous crypto analyst Rect Capital said that the price of BTC has gained strength above $60,000.
According to an anonymous trader, Bitcoin could be stuck between the $60,000 low and $70,000 high range for a few months before the price enters a “post-half parabolic.”
Related: Runes protocol sparks new era for Bitcoin after halving
Traders focus on Bitcoin's post-halving upside
Now that Bitcoin's fourth halving has taken place, market participants are considering how Bitcoin's price will react.
One of them is username X, bearded, who shared a chart tracking Bitcoin's price action after it reached its all-time high in 2021. From 2022:
“Next Major Target for $BTC: $80,000-$85,000. Anyone who has been following me for a while knows that I am focused on this target from 2022 onwards.
From a technical perspective, Bitcoin's price action has drawn a bullish flag on the weekly chart, indicating a continuation of the uptrend.
BTC bulls will face resistance from the flag's upper boundary at $67,500. A weekly candlestick above this level suggests a potential break out of the chart formation, leading to the all-time high of $73,835 and later to the $80,000 mark. Such a move represents a 13% departure from the current price.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
