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The leading cryptocurrency continues to push its peaks upward, now exceeding $108,000. Experts have discussed the possibility of reaching a target of $110,000 before the year ends, but given the ongoing rise, even higher levels seem attainable.
Bitcoin (BTC)
Bitcoin ‘s price is surging quickly ahead of the upcoming Fed interest rate announcement. At the time of writing, the price has surpassed $108,250 and continues to climb, targeting $110,000. However, it is essential for traders to remember that such rapid increases can lead to significant liquidity hunts and subsequent declines.
Bulls have demonstrated their belief in higher peaks by maintaining support at $104,000 following resistance at $102,500. Although QCP does not anticipate significant gains by the year’s end, the current outlook indicates the potential for a new cycle peak between $110,000 and $120,000.
In the last 24 hours, $159 million in short positions were liquidated, bringing total liquidations to $314 million. Ethereum (ETH) has yet to embark on a new peak above $4,000 that would inspire altcoin optimism. Open positions in futures increased by 3%, while spot market volume rose 15%, surpassing $200 billion.
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