Bitcoin cuts above 107,000 dollars raises the rise, these factors will lead to a faster height
The cause of confidence
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Days after testing the resistance area of $ 106,000, Bitcoin has recently crashed out of the $ 107,000 brand to confirm the strong bullish momentum that has been built since early June. Breakout, which has witnessed Bitcoin, has followed the restoration of $ 110,000 for a short period of time over the past 24 hours, many failed attempts to close above this central level.
The technical analysis of the Bitcoin price indicates that the penetration exceeds 107,000 dollars The bulls gave back control. In particular, the technical analysis of the MichaëL DE POPPE code indicates that the Bitcoin price is the price of Bitcoin It will accelerate for the rest of the week.
106,500 dollars confirm the strength, the accelerated eye analyst move
Over the past few days, the Bitcoin price structure has been a round base with lowest levels, gradually and gradually under the support that turned into resistance. Now the collapse has occurred, the bulls seem to have returned to control.
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According to Michaël Van De Poppe, a widely followed encryption analyst on the X social media platform, The decisive moment came After Bitcoin wiped a resistance of 106,500 dollars, which was previously mentioned that it is seen. In his position, he indicated that as long as Bitcoin maintains support over this area, the momentum will continue to shift for buyers. Specifically, he pointed out that merchants are likely to accumulate in new positions, while short sellers either close their positions or are completely pressed. Each of these two procedures will continue to generate purchase, at least in the short term.
This shift in the market structure has already started playing. As the graph below shows, the previous resistance area is about $ 107,000, which was strong support during the previous ATH movements in May, has now turned. This region has repeatedly rejected prices, as it has been working as price prices since May 30. Now, with the confirmation of penetration and size, the analyst expects Fast rally about 108,900 dollars Beyond for the rest of the week.
Bulls prepare for the new bitcoin at all
The timing of this penetration also coincides with the beginning of the trading week, which Van De Poppe describes as a great start for the week and the continuation of the ups in the rest of the week. Often in this session, Bitcoin showed feelings of feelings Early in the week that lasted Throughout the week. If Bitcoin is able to integrate over a range of $ 107,000 to $ 108,000 without returning to the previous structure, it can enter A new price area once The $ 111,000 barrier is penetrated.
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With an increase Attention due to ETF flowsIt can serve As Launchpad for The upcoming Bitcoin leg, carrying it towards its highest levels ever before the end of June. At the time of writing this report, Bitcoin is traded at $ 109,455, after recently reached the highest level per day 110,237 dollars. The leading cryptocurrency currently is only 2.5 % of the highest new level.
Distinctive image from Getty Images, Chart from TradingView.com
