Bitcoin Eyes $155,600 After 7 Straight Weeks in Green

Bitcoin

Bitcoin Eyes $155,600 After 7 Straight Weeks in Green

• Bitcoin closes green for seven straight weeks, signaling strong ongoing bullish sentiment from both retail and institutional investors.
• High open interest and on-chain liquidation risks indicate intense market positioning and possible volatility ahead.

After closing the seventh week in the green, Bitcoins new big target has emerged: $155,601.73. This level is not just a random number on the chart, but is said to be a new All-Time High (ATH) that has been “confirmed” by popular crypto analyst Master Ananda. And the good news？ Many believe that this is not the end of the bull market this time.

Source: Master Ananda on TradingViewBitcoin Eyes $155K as Bulls Push Through Volatility

A few days ago, the price touched a low on the weekly timeframe, but then bounced and closed higher. This is no small signal. In the crypto space, a weekly close like this can speak volumes. Moreover, this is the seventh consecutive week that Bitcoin has closed in the green zone, a rare pattern that often reflects extraordinary market strength.

What if you had bought BTC when the price was still below $80,000. Your position now is not only safe, but you could say you are sitting on a digital gold mine. On the other hand, for those who have just entered the $95,000 range, even though it feels risky because it is approaching a strong resistance area at $100,000–$110,000, your courage may soon be paid dearly by the market.

However, the journey to the $155,000 target is certainly not without obstacles. Based on data shared by on-chain analyst Ali Martinez, there is a potential liquidation of $23.47 million if BTC retests the $106,268 level. This means that if the price drops again and reaches this level, it is likely that the price will fall even deeper.

Source: Ali Martinez on XDerivatives Market Soars, a Real Sign That the Bull Run is Still Far from Over

Another factor that further strengthens the optimistic signal comes from the derivatives market. CNF reported a few days ago that open interest on Binance has soared since early April. From $7.5 billion on April 8, that figure has now passed $11.2 billion. This sharp increase is usually a strong indicator that institutional market players and large traders are coming back down from the mountain.

At the time of writing, the price of BTC is around $109,767 and has strengthened by around in the last 24 hours, its market cap has reached $2.18 trillion. When compared to the economies of large countries, this capitalization can already match the GDP of several developed countries. Crazy, right？

Furthermore, this trend also gives a strong signal to the altcoin market. As usual, Bitcoin is always the pioneer. But once it starts to break through new skies, altcoins usually follow suit.