Where is Bitcoin Price Heading Next After Today’s Pump?
Highlights
- Veteran trader Peter Brandt and crypto analyst Rekt Capital have drawn attention to recent volatility in Bitcoin price.
- Brandt pointed to a new gap in Bitcoin futures, hinting at possible price retracement.
- While Rekt Capital noted Bitcoin’s re-accumulation range, with a weekly close above $93,500.
- Bitcoin’s daily trading volumes surged by 159%, with open interest rising further.
Following Donald Trump’s announcement of US strategic reserves on Sunday, Bitcoin price surged 8% today, shooting past $93,000 once again. Bitcoin has experienced significant volatility, dipping below $80,000 before rebounding to $95,000. Investors are now assessing whether this upward momentum is sustainable or merely a short-term spike.
Will Bitcoin Price Rally Continue Further?
Amid massive volatility in BTC, some market analysts have cited caution moving ahead. Veteran trader Peter Brandt has drawn attention to a new gap in Bitcoin (BTC) futures, suggesting potential price movements ahead. In his recent post on X, Brandt noted: “And suddenly Bitcoin futures have another gap to fill,” hinting that the Bitcoin price can retrace back to fill the gap.
This shows that the heightened volatility in BTC can continue further from here onwards as well. Another crypto analyst Rekt Capital stated that Bitcoin has achieved a significant milestone this week, filling CME gaps at both $78,000-$80,700 and $92,800-$94,000.
However, the surge has also resulted in the creation of a new, sizable CME gap between $84,650 and $94,000. Analysts will now closely monitor Bitcoin price action to see how it interacts with this fresh gap.
BTC Enters Re-Accumulation Zone
Analyst Rekt Capital further stated that Bitcoin has successfully managed to deliver the weekly close above $93,500 thereby preserving the re-accumulation phase. This move preserves Bitcoin’s position within the re-accumulation range, signaling strong market support at this critical threshold.
The analyst further added that a future weekly close above ~$104,500 could mark a significant breakout from this range, potentially setting the stage for further price momentum.
Additionally, prominent crypto analyst Ali Martinez has noted an intriguing divergence between Bitcoin’s price movement and global liquidity trends. According to Martinez, global liquidity has been on the rise, a metric to which Bitcoin has historically shown strong correlation.
Strategic Reserve and Crypto Market Rally
Soon after President Donald Trump announced US strategic reserve for Bitcoin and top altcoins, the crypto market has been in a state of euphoria. Altcoins like XRP, ADA, and SOL rallied anywhere between 20-60% yesterday.
Some crypto market analysts also predict a BTC price rally to $150K in March following the Trump executive orders. Commenting on yesterday’s development, Bitcoin critic and analyst Peter Schiff stated:
“I remember when Elon Musk was able to move Bitcoin up or down with a single Tweet. Now Bitcoin is completely dependent on Truth Social posts from Trump. Without a U.S. government bailout Bitcoin will collapse. How ironic given Bitcoin’s origin and supposed purpose for existing”.
As of press time, Bitcoin price is trading 8.56% up at $93,204 levels with daily trading volumes surging by 159% to over $67 billion. As per the Coinglass data, the BTC open interest also surged by 5.89% to $54.49 billion while the 24-hour liquidations have soared to $318.93 million of which $241.21 million is in long liquidations.
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