Key Points:
BTC breaks through $109,000, breaking the bearish pattern and creating conditions for bulls to push for new highs.
Bitcoin (BTC) rebounded significantly on Wednesday and continued its upward trend on Thursday, showing that bullish buying remains strong. Markus Thielen, head of research at 10x Research, stated in an interview with Cointelegraph that Bitcoin is expected to rise to $116,000, primarily driven by continuous inflows into spot Bitcoin ETFs, uncertainty in Federal Reserve policies, and a sharp reduction in Bitcoin supply on cryptocurrency exchanges.
Can Bitcoin firmly establish itself above its historical high, or will it pull back and trap aggressive bulls? We look for answers through chart analysis.
Bitcoin found support at $105,000 and closed above the downward trend line on Wednesday, breaking the bearish descending triangle pattern, which released a positive signal.
Both moving averages are trending upward, and the Relative Strength Index (RSI) is in the strong zone, indicating that buyers are in control. BTC/USDT is expected to test the neckline of the inverted head and shoulders pattern, where bulls are anticipated to encounter bearish resistance. If bulls can hold their ground near the neckline, the probability of a breakout will further increase, with a subsequent challenge to the target level of $150,000.
If bears wish to curb the upward momentum, they need to quickly push the price back below the moving averages. Otherwise, the pair may first pull back to $105,000 and further down to $100,000.
The price has broken through the downward trend line and successfully retested to confirm, with bulls striving to turn this position into support. The moving averages are upward, and the RSI is in the strong zone, showing a clear bullish advantage.
However, bears will not easily concede. They will focus on defending the range between $110,500 and $111,980. If the price falls back from the upper pressure zone but finds support near the moving averages, it indicates that market sentiment remains optimistic, which will increase the probability of breaking through $111,980.
If the price falls back and breaks below the moving averages, the market will once again shift to a bearish dominance.
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Original: “Bitcoin (BTC) Holds Steady at $109,000, Bulls in Control: Is a New Historical High Possible Today?”
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