It seems that some market participants have tried to frontrun Saylor‘s planned $2 billion bid.” Related Reading: Bitcoin RHODL Momentum Slowing Down—Analyst Warns Pattern Not Ideal’ Though the prospect of a large buy could propel the market, they warn that without fresh catalysts like a "short-term narrative or positive news, it currently looks like BTC will struggle to sustainably pump above the $100k mark.” Renowned crypto analyst Bob Loukas provided a cyclical framework for interpreting Bitcoin’s price movements, noting that the market may be approaching the end of one multi-week cycle and the start of another: "We’re on verge of completing a Bitcoin Weekly Cycle, as I’ve been sharing last 6 weeks.
And with the recent Daily Close above ~$97700, Bitcoin will now try to retest said level as support to enable trend continuation.” He further elaborated on Bitcoin’s relative strength index (RSI) channel, implying that the break above a series of lower highs may signal the next leg up: "Over time, Bitcoin’s price continued to retest the blue trendline as support.
Via X, he wrote: "Leverage Driven Pump: $2.4B (7.2%) increase in Open Interest in Bitcoin over the past 24 hours.” Confirming these observations, well-known crypto commentator Byzantine General (@ByzGeneral) highlighted the significant role of fresh long positions in propelling prices higher: "Lots of fresh longs coming in here on BTC which is shoving price higher.
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