BTC consolidates between critical support and highs

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 has soared to new highs, whilst Funding Rates have turned positive, although they're not in frothy territory.

BTC's open interest (by USD value):

Technical analysis

• BTC has broken out of its all-time highs and the key horizontal resistance of $106,700.
• Price has stalled at $112,000, with price now pulling back and retesting the $106,900 horizontal level, which is now new support.
• Should price break below the $106,900 horizontal support, the $105,000 support is just below. However, if we see a breakdown below $105k, the price will likely pull back to
• $95,700.
• In terms of upside, if the price can break back above the all-time highs of $111,900, then we expect the short-term price target to be $120,000.
• The RSI is just below overbought territory; however, its moving average is overbought, and it's the most overbought it's been since Trump won the election.

Cryptonary's take

BTC has broken out to new all-time highs, and it's possible that the price can continue moving up in the short term. However, our expectation here is that price consolidates between $105k and $112k for a small period (potentially a week). This would be healthy for the uptrend to continue, as it would allow the overbought indicators some time to reset. We would look to buy Spot BTC between $91,000 and $95,700, but in the meantime, we're not chasing price, and we're remaining patient.

• Next Support: $106,900
• Next Resistance: $112,000
• Direction: Neutral/Bullish
• Upside Target: $120,000
• Downside Target:$105,000