Bitcoin Buyers Dominate On Binance With CVD Near 0.9, Targeting $135K
Bitcoin (BTC) Market Update:
- Bitcoin recently hit an all-time high of $126,199 on Binance and is now consolidating around the low $120,000 range. BTC data indicates strong demand.
- The Cumulative Volume Delta (CVD) Confirmation Score suggests a robust trend correlation, with values between 0.8 to 0.9, indicating genuine buying pressure drives the price surge.
- Historical trends show that a sustained CVD score above 0.7 often leads to shallow and brief corrections, as new liquidity absorbs incoming BTC supply.
- A breakout above the $124,000 - $126,000 resistance zone could target $135,000. Conversely, a drop in CVD below 0.4 may signal distribution or liquidation risks.
- Support levels are noted at $112,000 - $115,000 and $108,000 - $110,000, where stability in CVD is crucial for the uptrend.
- Analysts emphasize monitoring CVD, open interest, and funding rates as indicators. Any imbalance in these metrics could warn of a potential momentum shift.
Potential Market Corrections
- Some analysts remain skeptical about BTC reaching new highs soon, predicting possible corrections before further surges.
- Analyst ZVN suggests a pullback may occur before BTC advances to $150,000.
- Dick Dandy forecasts a potential 60% correction, which could lower BTC to $43,900.
- Currently, BTC trades at $118,791, down 1.8% over the past 24 hours.
