Bitcoin Holds Above $115,000 as Market Shows Bullish Momentum
Bitcoin remains above $115,000, showing renewed market strength after previously trading below this level. Significant gains in Ethereum and altcoins suggest a possible altseason or a market correction following Bitcoin's early rally.
- Analyst Axel Adler reports Bitcoin trading close to its all-time high, with a BTC Z-Score around +1.5σ, indicating strong momentum without overheating.
- Altcoin rallies and Ethereum’s performance contribute to market optimism, with upcoming days critical for assessing whether this is a sustainable breakout.
On-Chain Activity Still Lags Behind Price
- Adler notes the Adjusted Price Divergence (APD) is negative near -1.5, suggesting Bitcoin's price outpaces on-chain activity.
- This discrepancy indicates investor sentiment drives momentum more than fundamental network usage.
- A healthier market would see APD moving toward zero, either through increased network activity or price cooling to align with usage levels.
- Adler advises not interpreting APD changes as direct buy/sell signals but as normalization indicators between price and fundamentals.
Bitcoin Price Holds Key Support Near $115K
- Bitcoin is consolidating above a support level of $115,724, stabilizing just above the 50-day SMA near $113,324.
- The short-term structure remains bullish within a range of $115,724 support and $122,077 resistance.
- A decisive close above $118,000 could lead to testing the $122,077 resistance, potentially paving the way for new all-time highs.
- Losing the $115,724 support would shift focus to the 100-day SMA at $108,983 as the next major support level.
