Bitcoin ATH Dey Spur Miners to Take Profit Plus Leverage Rally
Bitcoin don jump pass im old record high, pass $118,000 afta dem get 10% gain for di week and nearly 6% for 24 hours. People dey positive again becos pipo dey buy call options wella for di market plus one trend model show say e get 60% chance say price go still rise. On-chain data show say miners dem dey move more coins go exchange - na di first big increase since May - den di Bitcoin Spot ETF inflow strong too. For derivatives, open interest increase from $33 bn reach over $41 bn and funding rates don turn positive at like 0.012% per eight hours, show say traders wey dey use leverage get bullish mind. History breakouts suggest say 20% return possible, target reach around $133,000 by September. Traders suppose dey watch on-chain flows, ETF volumes, open interest and funding rates to sabi if di rally fit last and di risk wey dey come with volatility.
Bullish
Di di combination data dey show say bullish momentum still dey continue. For short term, di aggressive call buying, rising open interest, plus positive funding rates show say leveraged traders get confidence sey price fit still rise more. Spot ETF inflows plus di bullish trend signal model dey support institutional participation. Even though miner profit-taking fit add small kain wahala (volatility), on-chain outflows still dey moderate compared to past sell-offs. Historical breakout patterns still dey support possible 20% rally, wey dey back di bullish outlook. For long term, mounting technical momentum plus renewed institutional demand dey show say price discovery go continue steady.