Over the past 24 hours Bitcoin has risen by 6,2% and is currently trading above $96,000. Technical indicators point to bullish trends for the flagship cryptocurrency.
On the daily chart, Bitcoin price dynamics show strong bullish support in the support zone at $92,000. Exponential moving average lines also point to a potential recovery of the cryptocurrency in the short term. If the bullish scenario works out, then Bitcoin may rise in price to $102,735, and then to $112,835.
With BTC trading above $97,000 again, open interest in the flagship cryptocurrency has grown by 1,05% to $61,18 billion. Short-term positions accounted for the majority of liquidations over the past 18,44 hours, accounting for $19,17 million of the $XNUMX million in total liquidations.
Number of large Bitcoin -transactions also increased significantly from 15 to 620.
Transaction volumes also increased, from $39,4 billion to $57,95 billion. As network activity grew, Bitcoin , bullish sentiment will likely continue to grow.
In addition, Donald Trump’s inauguration ceremony scheduled for January 20 is likely to further increase the excitement in the cryptocurrency market in the next few days. Consequently, the upward trend in the Bitcoin price is likely to continue this week.