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After days of testing a resistance zone at $ 106,000, Bitcoin is finally broken above $ 107,000 to confirm a strong bullish momentum that has been building since the beginning of June. The Breakout, which Bitcoin has recovered for a brief $ 110,000 in the last 24 hours, follows various failed attempts to close above this crucial level.
Technical analysis of the Bitcoin price indicates that the outbreak above $ 107,000 has gave Bulls control again. In particular, technical analysis of crypto analyst Michaël van de Poppe suggests that the prize of Bitcoin will accelerate the rest of the week.
$ 106,500 confirms strength, analysts accelerated movement
In recent days, the price structure of Bitcoin forms a rounded base with higher lows, gradually cooling under a support resistance. Now that the outbreak has taken place, bulls seem to be back in control.
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According to Michaël van de Poppe, a widespread crypto analyst on the social media platform X, The decisive moment came After Bitcoin had erased the resistance of $ 106,500, a level that he mentioned earlier what he looks at. In his position he noted that as long as Bitcoin maintains support above this zone, the momentum will continue to shift in favor of buyers. In particular, he pointed out that traders will probably stack with new long positions, while short sellers close their positions or are fully pressed. Both actions will continue to generate the purchasing pressure, at least in the short term.
This shift in the market structure has already begun to play. As the graph below shows, the previous resistance zone is around $ 107,000, which was a strong support during the earlier ATH movements in May, now reversed. This zone had repeatedly rejected the price pre -scissors, which has functioned as a price ceiling since 30 May. Now, confirmed with the breakout and the volume increases Swift Rally to $ 108,900 And further for the rest of the week.
Bulls prepare for new Bitcoin of all time high
The timing of this breakout also coincides with the start of the Trade Week, which Van de Poppe describes as a great start to the week and a further benefit for the rest of the week. Bitcoin has shown sentiment peaks more often than not in this cycle early in the week that continued to exist during the week. If Bitcoin can consolidate above the range of $ 107,000 to $ 108,000 without falling back in the previous structure, this can come in a new price zone as fast as The barrier of $ 111,000 has been broken.
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With increasing interest as a result of ETF intakeit could serve As a launchpad for Bitcoin’s next large leg up and wears it to new all-time highlights before the end of June. At the time of writing, Bitcoin acts at $ 109.455, after recently reached an intraday height of $ 110,237. The leading cryptocurrency is currently only approximately 2.5% away from setting up a new of all time.
Featured image of Getty Images, Chart van TradingView.com