$107K fakeout or new all-time highs? 5 things to know in Bitcoin this week
Bitcoin (BTC) broke out from a narrow trading range around $103,000, reaching new multimonth highs near $107,000 before a 4% correction. This price action involved a liquidity grab, targeting shorts and trapping late longs. Total crypto liquidations reached $673 million within 24 hours. The highest weekly close in Bitcoin's history was recorded at approximately $106,500, despite the subsequent correction. Traders are cautious about entering positions above $100,000 due to resistance levels. The market is influenced by macroeconomic factors, including US trade relations and a recent credit downgrade by Moody’s, which has pressured the dollar. Bitcoin has shown resilience to hawkish Federal Reserve cues, with low odds for interest rate cuts in June. Analysis indicates a complex correlation between Bitcoin and US stocks, with mixed reactions to market volatility. Spot volume delta on Binance has turned positive, suggesting increased buying activity but cautioning against potential local market tops.
