Will BTC Recovery Surpass $48000?

i. A bullish breakout from the resistance trendline of the retest phase offers additional confirmation for recovery.

ii. A long-tail rejection candle indicates the buyers are accumulating at a market dip.

iii. The intraday trading volume in Bitcoin is $36.9 Billion, indicating a 101% gain.

Earlier today, a recent sell-off pushed the price down to $40,300, but it quickly rebounded, showcasing strong buying pressure. This recovery brought the price to the current level of around $45,000, marking a bullish breakout from a newly established resistance point. If this momentum is maintained, the post-breakout rally could potentially drive the BTC price 10% higher, reaching approximately $48,276.

Market Confidence Soars as Bitcoin Open Interest Hits $19.61B High
The dollar-denominated open interest in Bitcoin futures has shown remarkable growth, indicating heightened market activity and investor interest. According to data from CoinGlass, in just two months, this open interest value has surged from $11.8 billion to $19.61 billion, the highest value recorded over the past year. This substantial increase in open interest, coupled with Bitcoin’s ongoing price recovery, reflects a growing confidence among investors and an increased interest in the cryptocurrency.