US President Donald Trump has officially announced the start of a US-strategic crypto reserve. This reserve will include Solana and Cardano. After the announcement, the President later added Bitcoin and Ethereum to the list of assets within the crypto reserve.
With the start of a new crypto reserve in the United States, the crypto market is on a bullish rally. The BTC price jumped nearly 10% overnight to reach $95,000. Currently, BTC price is witnessing a minor intraday pullback, which is creating a retest entry opportunity. Will a post-retest drive-in Bitcoin surpass the $100,000 mark?
Rising Hopes For Bitcoin Drives The Futures Market
With the newfound bullish momentum, the derivatives market is turning optimistic for BTC. The funding rate for Bitcoin has risen to 0.0068%, reflecting the willingness of long-side traders to pay the premium.
Furthermore, the long-to-short ratio has crossed the equalizing ratio, reflecting a surge in the number of bullish positions. Currently, the open interest of Bitcoin stands at $53.82 billion, marking a 4.81% increase in the past 24 hours.
Hence, the market is extremely sentimental to the BTC price trend with the growing open interest and rising bullish numbers. On a surprising note, the short liquidations have reached $242 million in Bitcoin, with total liquidations rising up to $348 million in the past 24 hours.
Bitcoin Above $90k Targets The Next Key Level, $100k
The BTC price rejection showcases a bullish turnaround with a lower price rejection from the $80,000 support. This quick V-shaped reversal has driven the BTC price to $95,000.
Driving the bullish sentiment, the start of a U.S. crypto reserve is the news that has started a new buying spree in the crypto market. Currently, Bitcoin is trading at $91,752, witnessing a 2.67% intraday pullback.
However, the overnight recovery has started a quick bullish reversal. Furthermore, the technical indicators are hinting at a bullish continuation.
Technical Indicators and BTC Price Targets
The MACD and signal lines are on the verge of feeling a positive crossover, signaling a change in momentum. Furthermore, the daily RSI line has reached the halfway level after breaching the oversold boundary line. Hence, the reversal in the technical indicators is likely to test the $100,000 psychological mark.
Beyond this, the crucial resistance for BTC remains the $103,000 resistance level, followed by the $106,000 supply zone. On the flip side, the crucial support levels for Bitcoin remain at the $86,000 horizontal level, followed by the $80,000 psychological mark.
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