Bitcoin’s Comeback: Larry David Thinks It’s a Joke, But Maybe It’s Not 🤷‍♂️

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So, Bitcoin is back at it again, huh? 🤔 It’s like the time I tried to get a refund for a used car. I mean, it’s at $110,000, and everyone’s all excited. But let’s not forget, it’s been a wild ride. Months of consolidation, volatility, and now it’s testing some “critical resistance.” What does that even mean? It’s like when I tried to park my car in a spot that was just a tiny bit too small. 🚗

Top analyst Axel Adler, who I’m sure is a real person and not just a name they made up, shared some data. Apparently, open interest (OI) has gone from -9% to +5% in the last 30 days. That’s like when I finally got around to cleaning my apartment after months of neglect. It’s a start, but it’s not exactly a party. 🎉

Now, with macro conditions improving and risk appetite returning, bulls are hoping for a breakout. But they need a catalyst. Like when I needed a reason to finally go to the gym. Maybe a technical or macroeconomic signal will do the trick. Or maybe it’s just wishful thinking. 🤷‍♂️

Bulls Eye Breakout As Bitcoin Nears All-Time Highs

Bitcoin is flirting with its $112,000 all-time high. It’s like when I almost got that part on Seinfeld, but then they decided to go with someone else. 🙄 Momentum is strong, but the risks of a failed breakout are real. If Bitcoin doesn’t clear resistance soon, it might just be another false alarm. 🚨

The US stock market hitting new highs is a good sign, but a breakout above $112K needs more than just technical strength. Axel Adler, the guy with the data, says OI growth has shifted from -9% to +5%. Traders are cautiously re-entering, but they’re not exactly going all in. 🎲

Bears are expected to defend the all-time high zone. Bulls need a strong narrative, like presidential support or dovish Fed signals, to push through. It’s like when I needed a good excuse to avoid my ex. A strong story can make all the difference. 📢

BTC Price Action: Near Breakout Point

The 12-hour BTC/USDT chart shows Bitcoin trying to break above the $109,300 resistance level. It’s like when I tried to get a seat at a crowded bar. After multiple rejections, BTC is surging again, just below the $112,000 all-time high. Momentum is with the bulls, but a clean break above $109,300 is crucial. 📈

Volume has increased slightly, which is a good sign. But traders should be cautious of fakeouts. This level has been a firm resistance for two months, and a rejection could send BTC back down. For now, bulls are in control, but they need to follow through with rising volume to confirm a true breakout. 🚀

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2025-07-04 03:28