Bitcoin (BTC) Breaks Past Major Liquidity Zone, $115,000 Imminent?
Bitcoin has just surpassed a major liquidity zone, raising questions about what comes next for the crypto asset.
According to CoinGlass, based on the BTC orderbook heatmap, liquidity is concentrated around $109,500-$110,000.
Bitcoin extended its recovery from a low of $109,993 on Sept. 6, reaching an intraday high of $112,107 early Monday.
At press time, Bitcoin was up 0.85% to $112,085. The move has surpassed the $109,500 to $110,000 liquidity zone indicated by on-chain data, with traders now envisaging what comes next for the crypto asset.
On the upside, the next resistance lies at $115,000, which is near the daily SMA 50. The hourly chart indicates that BTC might be forming a bullish inverse head-and-shoulders pattern, a classic reversal setup, suggesting a potential surge toward $120,000.
Bitcoin news
Traders are closely watching U.S. inflation reports, which could influence cryptocurrency prices. This week, the markets will be watching data releases for upcoming catalysts for digital assets, with producer and consumer inflation reports due midweek.
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