- Since April 2025, the Bitcoin price has recorded a steady mid-term recovery amid the formation of a rising channel pattern.
- YoungHoon Kim, recognized for holding the world’s highest IQ record, announced he has shifted his entire portfolio into Bitcoin.
- With today’s price jump, the BTC price reclaims the key resistance of $113,500 and the exponential moving averages (20 and 50).
On Monday, the Bitcoin price jumped nearly 2% to reclaim the $114,500 mark, extending its recovery, which initiated last weekend. The fresh relief rally is gradually solidifying its momentum with key resistance, signaling a shift to a stronger recovery trend. The daily technical chart supports the bullish narrative, as the price bounced from the support of a long-awaited channel pattern.
YoungHoon Kim Converts Entire Wealth to Bitcoin
YoungHoon Kim, a Grand Master of Memory and the world record holder for the highest IQ, recently expressed his opinion on Bitcoin and trust in a tweet. “I think that Bitcoin is the only future economy that can save us. Hence, he has turned all his assets into Bitcoin, he wrote. Kim further stated that his riches are not his own and said, “I have nothing of my own but all that I possess belongs only to the Lord Jesus and will be used for His glory.”
The post soon caught the eye of Bloomberg analyst Eric Balchunas, who remarked on the rarity of the combination of intellect, cryptocurrency, and faith. “The smartest person to ever live believes in Bitcoin and Jesus. Man, that is going to melt some brains,” tweeted Balchunas.
The talk has since generated some curiosity and discussion on the net.
The derivative market data further adds to the renewed momentum and reflects speculative force in the market. According to Coinglass, the BTC’s open interest bounced from $78.8 billion to $85.82 billion, registering a 8% surge.
Additionally, we see a rise in the speculative momentum in the Bitcoin derivatives market. Additionally, Coinglass data reveals that the open interest in BTC contracts increased significantly over a brief period, increasing from $78.8 billion to $85.82 billion. The numbers represent an 8% increase, illustrating increased engagement from traders.
Open interest is often considered a measure of new money coming into futures and options positions by market watchers. The most recent jump is a build-up of leveraged exposure, which coincides with the general increase in price movements. Shifted volatility patterns often represent traders’ expectations of volatility, either up or down, over a short period of time.
The spot market upside, along with an evident increase in derivatives activity, is another dimension to Bitcoin’s recent momentum.
Bitcoin Price Gains Momentum With Channel Pattern
Over the past four days, the Bitcoin price has shown a bullish bounce, rising from $108,676 to the current trading price of $114,870, representing a 5.4% increase. With today’s jump, the coin price breaks above the high ($113,500) of September 25th, accentuating a shift in market sentiment.
The buyers also manage to reclaim the exponential moving averages (20 and 50), while the momentum indicator RSI jumps above the 50% mark. If the breakout holds, the coin price could jump another 3.2% and challenge the monthly resistance of $118,100.
If buyers flip this resistance into potential support, the coin would gain additional momentum and continue its bullish reversal. Interestingly, this recovery shows a bull cycle within the formation of a long-term channel pattern.
A history of this pattern shows that the previous reversal managed to surge 20-22% before hitting major resistance. Thus, the Bitcoin price has sufficient room to grow and hit a new high above $125,000 mark.
Also Read: Coinbase CEO Says, More Bullish on Clear Rules for Crypto
