Key Points:
Bitcoin price rebounds as traders expect the U.S. government shutdown to end this week.
Bitcoin market analysis indicates that after a bullish weekly close, the price may approach $112,000.
Bitcoin (BTC) rebounded overnight, rising up to 5% during Monday's Asian trading session, trading above $106,000 as bulls targeted sell-side liquidity. Traders expect the U.S. government shutdown to end soon, boosting risk sentiment.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD is trading at $106,438 on Bitstamp.
On Sunday, U.S. President Trump announced that most Americans would receive a $2,000 "bonus" from tariff revenues, triggering a rebound later in the weekend.
This warming trend is expected to continue this week, as the U.S. Senate has reached a bipartisan agreement to end the longest government shutdown in U.S. history, which has lasted 40 days so far.
🇺🇸 JUST IN: Senate reaches bipartisan deal to end US government shutdown, per Politico. pic.twitter.com/MNFbVAdYi7
Following this news, prediction markets shifted dramatically, with Polymarket bettors assigning an 85% probability that the government shutdown will end between November 12 and November 15.
Just 24 hours earlier, traders believed there was a 63% chance the shutdown would extend past November 16 and into Thanksgiving.
Odds on the competing platform Kalshi are similar, estimating that the government shutdown will end on Friday, lasting 44 days.
The end of the U.S. government shutdown will release billions of dollars in treasury cash, injecting liquidity into the market and boosting risk assets like Bitcoin.
"This will be an interesting week. The government shutdown may be nearing its end," Bitcoin trader Daan Crypto Trades said in a post on X, adding:
The last U.S. government shutdown occurred from late December 2018 to late January 2019 during Trump's first term. After the shutdown ended on January 25, 2019, Bitcoin rose over 265% from $3,550 to $13,000 in the following five months.
🇺🇸 SENATORS JUST REACHED A DEAL TO END THE U.S GOVERNMENT SHUTDOWN. LAST TIME #BITCOIN WENT PARABOLIC WHEN THIS HAPPENED 👀 pic.twitter.com/npNCKGm44n
Multiple traders are focusing on potential upward liquidity grabs, with sell orders accumulating above $112,000.
Latest data from monitoring resource CoinGlass shows that price is consuming liquidity around $106,000, with major interest concentrated above $112,000.
Most liquidity is located between $111,500 and $115,000. If the $115,000 level is breached, it could trigger a short squeeze, forcing short sellers to cover and pushing the price towards $117,000, the next major liquidity cluster.
"BTC is at resistance, retesting the broken yearly trend line," analyst AlphaBTC said in a post on X on Monday.
The accompanying chart shows, "The obvious target area is where liquidity rests above the consolidation from early November," the analyst said, around $112,000.
As Cointelegraph reported, Bitcoin's bullish weekly close above the 50-week SMA increases the likelihood of BTC reaching $112,000 or higher.
Related: Bank of England launches stablecoin regulatory consultation, plans to issue final rules by 2026
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