Bitcoin Breaks Through Resistance at $85K: Binance Traders Fueling Rally

Bitcoin has surged past the $85,000 mark and is aiming for even higher levels, according to experts. A recent buying spree on Binance exchange by traders has fueled this positive momentum, but will it reach its full potential? 1.8 Taker Buy/Sell Ratio suggests increased bullish activity. While futures trading shows a heavy preference for bearish bets at over 56%, history shows that Bitcoin tends to defy expectations on the derivatives market. Ali Martinez, a prominent crypto analyst with over 135,000 followers on X (formerly Twitter), pointed out the significance of this recent buying surge on Binance. This activity may signal the start of a bullish trend. While BTC battles its way towards $95,000, it has already cleared a crucial resistance level: the 50-day SMA at around $84,500. If Bitcoin overcomes this hurdle, the next major challenge will be the 200-day SMA at $87,250. A break above this level could push BTC towards the $94,000 mark.