Three reasons Bitcoin is about to reach 107K USD!

* April witnessed the bearish sentiment of investors, but it is currently gradually recovering.

• The short-term market has a strong upward trend, with potential price targets being 107.5K USD and 110K USD.

Bitcoin [BTC], at the time of writing, is trading above the important short-term resistance level at 93.1K USD, while also surpassing the 95.3K USD level. The previous level is the execution price of short-term holders. The latter is the peak of the trading range that BTC has been in for the past five days.

Cryptocurrency analyst Willy Woo has an optimistic outlook, predicting BTC will rise to 108K USD. The liquidation heat map also agrees, with a target of 107K USD. In reality, on-chain indicators have highlighted a market recovering from a bearish phase.

Bitcoin has passed through the bearish phase, and investors are benefiting.

Source: Glassnode

In a Glassnode Insights post, MVRV bands around 1.74 have been highlighted as a support level. The bearish phase of BTC during the August 2024 yen settlement has stopped at this level.

MVRV has bounced back from a level of 1.74 after testing on April 8, reaching 2.14 at the time of writing. This indicates that Bitcoin has survived a correction and is now showing more optimistic conditions.

Source: Glassnode

Similarly, the % supply oscillator in profit also recorded a bounce from the long-term average of 74.8%. This index indicates whether the coins are in profit or loss compared to their cost price. The bounce in the past two weeks has reflected the trend of August-September 2024.

At the time of writing, the 7DMA of % supply in profit has reached 87% – Another sign of optimistic expectations from investors.

Source: Coinglass

The liquidation heatmap for 6 months reveals that liquidity pockets in the south are quite rare. The key levels are 83K USD and 74.1K USD, far from the current market price. In the north, the levels of 100K USD, 106.8K USD, and 110.2K USD seem to be the next attractive areas.

At the time of writing, the liquidity cluster of 96.6K USD has been swept away as the price broke the short-term range structure.

Source: BTC/USDT on TradingView

This breakout occurs with high trading volume. The level of 95.4K USD may be tested again, creating buying opportunities for swing traders.

If the on-chain signals are correct and the market has adjusted, it can be expected that BTC will surpass the 100K USD level in the coming days.

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