Bitcoins
Following a consistent recovery from a broad corrective phase, Bitcoin finally reached a new milestone today after over 30 days of trading. This came as a result of a major price break as bigger moves lie ahead.
The recent rally in Bitcoin was initiated last month after recovering from a short-term correction level of $74.5k. This brought a renewed hope for the bulls as the price closed well at around $97k – above March’s high.
Due to a rejection, it pulled back slightly earlier this month and bounced back with a major surge above the crucial $100k level in the first week. Consolidating throughout last week with a strong close above $109.5k, it recovered fully to the top following a steady increase in demand.
Breaking to a new all-time high today, Bitcoin just hinted a new macro bullish wave, and from the look of things, altcoins are expected to follow suit once it suspends the latest surge into a consolidation mode.
However, it is important to note that bigger moves lie ahead for the giant crypto in the long-term as long as capital continues to flow well into the market. In fact, with the latest market sentiments and speculations, coupled with some strong fundamentals surround the market, BTC may end this cycle at around $140k.
Bitcoins BTC’s Key Levels To Watch
Anticipating more surges above the current high of $111,888, the $115k and $120k levels would be the next bulls’ target in the coming days.
The previously broken all-time high of $109,588 now acts as support for the primary cryptocurrency. Below it lies $106,457. If all these supports fail in a pullback, it may revisit the $100,718 level before rebounding.
Key Resistance Levels: $111,888, $115,000, $120,000
Key Support Levels: $109,588, $106,457, 100,718
- Spot Price: $110,756
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Michael Fasogbon Read More