key points:
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On 20 May, Bitcoin gained a 3% gains of 3% above $ 105,000 on 20 May, increasing high open interest and institutional demand in the futures market.
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A classic bullish pattern is in the game, which is $ 138,000 and beyond the BTC value.
Bitcoin (BTC) Today is up, it has increased by more than 3% in the last 24 hours to more than $ 105,500 on 20 May.
data from Cointelegraph Market Pro And Tradingview The BTC/USD pair showed up to 5% at a high level of $ 107,148 from a low of $ 107,148 on 20 May on 20 May.
Let’s take a look at factors that increase the price of bitcoin today.
Spot bitcoin ETF flow promotes BTC price
The recent price increase of bitcoin coincides with increasing capital flow in the US Spot bitcoin exchange-traded funds (ETF), highlighting the increasing demand for regulated risk for cryptocurrency.
Spot Bitcoin ETF has recorded 18 out of the last 21 days, which is depositing a total of $ 6.9 billion in new capital in three weeks. Statistics from Ferrside investors,
Additional data from coinshares It is revealed That institutional investors claimed their optimism in Crypto markets as $ 785 million Crypto was swept away in investment productsMarking the streak of five weeks streaks.
Bitcoin investment products have attracted $ 557 million to flow in the last one week, reflecting the growing investor in bitcoin as a long -term property.
More institutional demand came from corporate investors, with strategy, earlier microstrati, top corporate bitcoin holder, Getting 7,390 BTC priced at $ 765 million Last week. Japan’s metaplanet is Get another 1,004 BTC As of 19 May for about $ 129 million Announcement,
With an increase in institutional demand for bitcoin, the price is well deployed that continues to projection towards the higher level of all time and In price search,
Bitcoin Oe did all-time high hit
Increase in long BTC posts open in futures market Bitcoin rally up to $ 107,000Bitcoin total open interest (OI) Data of $ 57.1 billion to $ 72.63 billion on May 20 to $ 57.1 billion on April 19 in the derivative market.
The chart above shows that in the last 30 days, the OI of Bitcoin has jumped 27%, suggesting the increasing demand for leveraged BTC posts.
Additionally, Bitcoin CME Futures OI hit the 90-day high of 157,875 BTC on May 19, at that time the value of about 16.76 billion dollars was in accordance with Glasnode data.
With current strong demand for BTC Futures contractInvestors are hoping from bitcoin to continue on the same as one to be between October 2024 and the end of December 2024, when OI extended his previous BTC 84% rally. All -time high of $ 108,000 Arrived on 16 December 2024.
Bitcoin’s cup-end-handle pattern targets $ 138,00
From a technical point of view, the BTC/USD pair is creating a cup-end-handle chart pattern on their daily chart since December 17, 2024.
A cup and handle setup is a technical formation that appears when the price falls at the beginning, followed by a U-shaped recovery, which makes the cup.
Recovery leads to a pullback move, which reduces the price trend inside a descending channel, making a handle.
The pattern is resolved when the value breaks over the handle, rally up to an almost equal size for pre -fall. Best BTC/USD daily chart shows a similar rapid technical setup.
Note that the price of BTC now trades over the handle range and is chasing a break above the neckline resistance for $ 106,000.
A decisive daily candlestick can lead to the BTC value above the neckline to withstand $ 109,000 all-time to high resistance.
Breaking this barrier will clear the route to the technical target of the chart pattern prevalent at $ 138,000, up to 31% from the current level.
As a coinalgraph InformedA step of the new height of $ 116,000 may come early this week.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
