Bitcoin is hovering around a critical support level of $107,100, backed by a CME gap and significant liquidity. Is a rally towards $122,000 on the horizon? Discover how to capitalize on this potential opportunity.
Bitcoin is now at the median band of the Bollinger on the MVRV of short-term holders. It’s also trading above an important $107,100 Fibonacci support level.
Indeed, if this level breaks, Bitcoin would likely plunge to $97,000, which would invalidate Bitcoin’s medium-term bullish structure. Bulls therefore have every interest in defending this zone.
Additionally, more than $5.7 billion in USDT was minted just before BTC’s drop this Friday. Historically, these phases have formed bottoms before price rebounds.
Furthermore, a CME gap at $117,000 still needs to be filled. Since Bitcoin was at $16,000 in 2022, 98% of CME gaps have been filled.
With all these confluences, Bitcoin should be able to bounce in the coming days. Although it may retrace when stock markets open this Monday around 4 PM, BTC must maintain $107,000 to target $122,000 in the coming weeks.
Here’s the long position to place on Bitcoin:
Remember to only invest what you’re willing to lose and manage your risk. Move your SL to break even (entry price) when BTC approaches $113,500.
To capitalize on Bitcoin’s potential rebound toward $122,000, here’s how to set up a long trade on Bitget with the indicated parameters:
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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