Bitcoin Could Hit $1 Million Because 'Governments Keep Printing Money Like No Tomorrow', Telegram CEO Says

The RSI has risen to 58.9, while all major EMAs (20, 50, 100, 200) are positioned below price between $112,000 and $113,500, creating a strong support cluster.

Near-term resistance stands at $120,800 and $124,500, with scope for an extension toward $130,000–135,000 if momentum holds.

On the downside, failure to sustain above $114,000 would raise the risk of a retest at $110,000–108,000.

Derivatives And On-Chain Flows Show Confidence

BTC Derivative Analysis (Source: Coinglass)

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Futures open interest rose 5% to $84.3 billion alongside a 15.7% jump in trading volume, while Binance top traders' long/short ratio climbed to 1.53.

Liquidations added fuel, with shorts losing $145 million in 24 hours compared to $20M from longs.

BTC Netflows (Source: Coinglass)

Spot flows also turned positive, with $190 million in net outflows on Sep. 30 as coins moved off exchanges into long-term storage.

Smaller outflows today reflect consolidation, not reversal, keeping supply pressure tilted bullish.

Uptober History Backs Bitcoin's Rally Momentum

October has historically been one of Bitcoin's strongest months, averaging +20% returns since 2013 with gains in nine of the last 12 years.

Combined with positive technicals and renewed on-chain accumulation, the seasonal trend reinforces the current rally narrative.

Image: Shutterstock

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