Bitcoin hits $106,600 on Monday, breaking its previous record
According to Coinglass, derivatives holdings were liquidated for around $120 million.
An analyst claims Bitcoin is in the blue sky and might reach $110,000.
Following President-elect Donald Trump's strategic Bitcoin reserve and institutional trader demand, Bitcoin touched a record high over $106,000 on Monday.
On a scale of 0 to 100, the Bitcoin fear and greed index reads 83, indicating “extreme greed” among traders. This matches last week and month's feeling.
BTC is in “blue sky” zone, indicating analysts expect it to break above its previous all-time high and reach $110,000.
The Bitcoin rise to $106,648 brings roughly $120 million in liquidations.
Bitcoin reached a record $106,648 early Monday. Institutional demand drove Bitcoin ETF inflows all week, fueling the boom. Last week, President-elect Donald Trump discussed his Bitcoin reserve and declared the U.S. would do fine with crypto.
Bitcoin's market worth reached $2.071 trillion and the biggest crypto token fell to $104,773.
Most altcoins in the top 100 by market capitalization rebound from their weekend slump and climb somewhat today.
Blue sky area. The next market target is $110,000. The retreat many were expecting didn't materialize, as we now have this news.
Bitcoin is about 2% below its record high. The BTC/USDT daily price chart shows the biggest cryptocurrency rising. If Bitcoin falls further, the Fair Value Gap (FVG) between $102,650 and $104,259 may support it.
Momentum indicator RSI is 68. Breaking RSI over 70 usually signals a Bitcoin sell signal. MACD flashes red histogram bars beneath the neutral line, indicating negative Bitcoin price momentum.
Traders should be vigilant since this may change. On a daily basis, the MACD line crossing over the signal line may indicate a momentum shift.
BTC may hit $131,252, the 161.80% Fibonacci retracement of the climb from the November 4 low of $68,835 to the new-time high on Monday, above $106,648.
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