Looking at the chart above, BTC traders have now built $2.33 billion LONG contracts around the 20% limit of current prices. Meanwhile, bears have only $980 million leveraged SHORT positions active.
When leveraged LONG contracts dominate a market, it indicates an improvement in market sentiment. And with LONG contracts outnumbering SHORT contracts by over $1.4 billion, bulls now seem to have a firm grip on BTC’s short-term market momentum.
If strategic new entrants still on the sidelines take this as a signal to enter the fray, the BTC price could head towards the $65,000 mark in the coming days.
BTC price prediction: Retest of $65,000 in sight
Bitcoin’s recent price action suggests a possible continuation of the uptrend, supported by favorable technical indicators. The Keltner Channels (KC) show that Bitcoin is trading near the midline, with resistance at $67,667 and support at $54,336.
The fact that Bitcoin has risen above the middle KC line suggests the possibility of further upside, with the $67,667 level serving as the next major long-term resistance target.
Furthermore, the Bull-Bear Power (BBP) indicator shows a reading of -665.38, which is still negative but an improvement from the past few days. This upward movement in BBP suggests that the bulls are gaining strength, which may lead to increased buying pressure in the coming sessions.
