Bitcoin just blasted past $107,000! This is huge news for Bitcoin bulls. After several failed attempts, Bitcoin finally broke through a key resistance level, showing some serious upward momentum.
Technical Analysis Points to a Rally
Technical analysts are buzzing. One popular analyst, Michaël van de Poppe, predicts Bitcoin’s price will keep climbing this week. He points to the decisive break above $106,500 as the key moment. As long as Bitcoin stays above that level, he expects buying pressure to increase. Day traders will likely jump in, and those betting against Bitcoin (short sellers) will either cut their losses or get squeezed out.
Flipped Resistance: The Chart Speaks
The chart shows a significant shift. What was once a strong resistance level around $107,000 (acting as a ceiling since late May) has now flipped to support. With the breakout confirmed and trading volume increasing, Van de Poppe sees a quick rise towards $108,900 and beyond.
A Week of Gains? All-Time Highs in Sight?
This breakout happened at the start of the trading week – a good sign, according to Van de Poppe. Bitcoin often sees strong early-week gains that continue throughout the week. If Bitcoin can hold above $107,000-$108,000, and then break through $111,000, it could easily hit new all-time highs before the end of June. Increased interest from ETF investments is also fueling this optimism.
Current Status
At the time of writing, Bitcoin is trading around $109,455, having briefly touched $110,237. We’re only about 2.5% away from a new all-time high!
