IP's 19.5% Surge: Bitcoin's Next Move Looms

IP's price action is closely tied to Bitcoin's next move, as indicated by recent market developments. The digital asset has experienced a significant rally, surging 19.5% in the past 24 hours, with trading volume increasing by 143%. This bullish momentum suggests strong short-term conviction among investors.

The $7 resistance region, which previously rebuffed bulls, is likely to be challenged once again. Analysts predict that IP may test the $7.2 level, but a breakout is not yet assured. The swing structure on the 4-hour chart is bullish, with IP retesting the 61.8% Fibonacci retracement level at $5.13 and bouncing higher. However, the daily trading volume remains relatively low compared to the late-February rally, which could be a warning sign.

The 1-week liquidation heatmap supports the idea of range formation, with a cluster of liquidity between $6.6-$6.9 that could pull IP prices slightly higher. The $5 level is also identified as a strong magnetic zone. The trajectory of IP's price action may be influenced by Bitcoin's performance, as BTC retains a bearish structure on the daily chart and is currently in a resistance zone.