BTC at $100k breakout zone

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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• BTC's Open Interest remains high, although it has pulled back approximately 9% over the last week, as BTC has been in the range bound at $ 90k.
• BTC's Funding Rate has crept up over the last few days, now up to 0.035%. This is beginning to get somewhat elevated, and therefore, a pullback in price could catalyse a further pullback. For now, we're not too worried, but we're watching to see how this develops.

BTC open interest (by number of BTC):

Technical analysis

• Price has held up really well in the mid $90k's, which continues to be a positive development.
• The price is also well above the more major horizontal support of $91,500. If the price were to break below $91,500, we'd expect $87k to be the next major support.
• Price is now also in a bullish pennant, as outlined by the borders. This has a bias to break out to the upside, with a target being between $100k - $105k, assuming huge sell orders don't move back in at the $100k level again.
• To the upside, it's $100k, which is the clear level for the price to clear above.
• The RSI has pulled back, having been substantially overbought, and now it's just shy of overbought territory at 63. This is positive.

• Next Support: $91,500
• Next Resistance: $97,500
• Direction: Neutral/Bullish
• Upside Target: $100k to $105k
• Downside Target: $87,500

Cryptonary's take

At the start of the week, the thinking was that BTC might be range-bound for more time, and therefore, the range between $87k to $91k might be a possible downside target. However, over the last few days, we've seen strong Spot buying pressure, with price dips quickly and aggressively bought up.

It's possible in the coming days, and due to the lack of breakdown for price, it's possible that we might be close to a break out to the upside. It's hard to judge here, as we also see it as possible that the price is range-bound for more time. We're bullish/neutral here.