Bitcoin’s Big Breakout or Just Another Bummer? 🚀 BTC Analysis

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So, here we are, folks, on the cusp of Bitcoin’s next big adventure. It’s like watching a really slow, but thrilling, movie where the hero (in this case, Bitcoin) is inching closer to the $123K mark. And let me tell you, the crowd is going wild. Or maybe they’re just checking their phones, but hey, it’s the thought that counts, right?

By ShayanMarkets

The Daily Chart

On the daily chart, Bitcoin looks like it’s auditioning for a role in a superhero flick. It’s been climbing the charts, forming those oh-so-coveted higher highs and higher lows since mid-April. The 100-day and 200-day moving averages have even decided to play nice and cross over, which is about as rare as finding a decent parking spot in Manhattan during rush hour.

As we get closer to the $123K resistance level, the anticipation is palpable. Traders are betting on a strong breakout, hoping it’s not just another false alarm. But if the lower trendline decides to take a day off, the $110K level and the 100-day moving average will be there to catch the fall, like a trusty safety net at a circus act.

The 4-Hour Chart

The 4-hour chart tells a story of transformation. Bitcoin has gone from a bearish or sideways phase to a full-blown bull run, breaking out of its descending channel after a month of consolidation. It’s like the asset finally got a pep talk and decided to turn things around. The RSI is hanging out above 50, which is a good sign for the bulls, but if a pullback happens, the $116K support zone will be the place to watch.

On-chain Analysis

Bitcoin Open Interest

Open interest (OI) is one of those fancy terms that makes you sound smart at cocktail parties. It measures the total number of outstanding futures and options contracts. Normally, when Bitcoin’s price goes up, so does OI, as more traders jump on the bandwagon. But lately, something funny has been happening. Despite the price climbing, OI has been on a steady decline. It’s like everyone’s favorite restaurant is getting busier, but the number of reservations is dropping.

This could mean that the rally isn’t being driven by leveraged bets or speculative trading, but rather by actual demand or short covering. A healthier rally, perhaps, but also one that might lack the excitement of a rollercoaster ride. If the momentum slows down, there might not be enough thrill-seekers to keep the party going.

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2025-08-13 18:41