Bitcoin recently broke above the $60,000 level, triggering market expectations for a potential rally to $116,000. Indicators such as increasing large investor transactions and rising open interest indicate growing market confidence. Leading analysts are highlighting Bitcoin’s resilience and potential for significant upside based on technical analysis. The possibility of Bitcoin breaking above the $100,000 level is once again drawing the attention of crypto investors amid recent market indicators.

Bitcoin Regains $60,000: A Strong Comeback$BTC

Bitcoin has struggled to stay above the $60,000 level over the past few weeks, dropping below $58,000 in mid-August. However, Bitcoin’s recent rally to $60,820 signals a renewed uptrend, up 3.9% in the past 24 hours and 2.4% in the past week.

Technical Analysis: The Road to $116,000

While evaluating the potential for a significant upward move for Bitcoin, renowned crypto analyst Javon Marks has highlighted a technical pattern known as the “Hidden Bullish Divergence.” This pattern predicts a strong bull period that could lead Bitcoin above the critical $67,559 level and then towards $116,652. Marks emphasizes that staying above this level could signal the start of a rapid bull cycle and result in a significant price increase.

Large Trades and Open Positions: Uptrends

According to IntoTheBlock data, large Bitcoin transactions exceeding $100,000 have increased. Earlier this month, such transactions reached almost 24,000, indicating increasing interest and potential accumulation by large investors. Currently, these transactions are approaching the 15,000 level, indicating sustained accumulation efforts.

Data measuring the number of open positions in derivative contracts also supports the bullish trend. According to the latest data from Coinglass, Bitcoin’s open positions increased by 3.61% to $31.38 billion. This increase is accompanied by a significant increase in open interest volume. This increase may suggest that traders are positioning against future price movements, but it also brings with it the risk of increased market volatility.

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