Bitcoin Holds Above $108,400 as Golden Cross Signals Bullish Trend

Bitcoin has been holding steady in the $108,400 retest zone, with traders setting their sights on $114,000 as the next target. This bullish sentiment is further supported by the formation of a Golden Cross on the daily chart, which historically indicates a continuation of the upward trend. The Golden Cross, where the 100-day moving average crosses above the 200-day moving average, suggests that Bitcoin could potentially reach $120,000 and beyond in the near future.

Despite a recent drop in market volume, the price stability and neutral funding rates in the futures market signal a cautious optimism among traders. The market capitalization of Bitcoin stands at $2.15 trillion, with a daily trading volume of $42.76 billion. The volume-to-market cap ratio is at 1.99%, indicating reduced speculative activity. However, the price remains stable above the $108,000 level, and futures market behavior suggests that traders are not yet heavily positioned in long trades.

According to technical observations, the bounce from $105,000 confirmed a daily breakout, with the next target set at $114,000. The upper resistance levels are at $110,500 and $112,000, and a breakout above these levels could trigger a build-up in open interest. Liquidity clusters remain above $111,000, and several traders are watching these levels for the next wave.

If the current trend holds, analysts predict that Bitcoin could reach $180,000 in the longer term. This prediction is based on the market structure and the formation of the Golden Cross, which has historically corresponded with long-term upward trends. However, it is important to note that this is a forecast and not a guarantee of future performance.