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After days of testing a resistance zone at $106,000, Bitcoin has finally broken above the $107,000 mark to confirm a strong bullish momentum that has been building since early June. The breakout, which has seen Bitcoin reclaim $110,000 briefly in the past 24 hours, follows several failed attempts to close above this pivotal level.
Technical analysis of the Bitcoin price indicates that the breakout above $107,000 has given bulls back control.Particularly, technical analysis from crypto analyst Michaël van de Poppe suggests that Bitcoin’s price will accelerate for the rest of the week. $106,500 Confirms Strength, Analyst Eye Accelerated Move
Over the past few days, Bitcoin’s price structure has been forming a rounded base with higher lows, gradually coiling under a support turned resistance. Now that the breakout has occurred, bulls seem to be back in control. Related Reading Why The Bitcoin Price Could See Another 70%-170% Jump From Here 1 day ago
According to Michaël van de Poppe, a widely-followed crypto analyst on the social media platform X, the decisive moment cameafter Bitcoin cleared the $106,500 resistance, a level he previously mentioned he’s looking at. In his post, he noted that as long as Bitcoin maintains support above this zone, momentum will continue to shift in favor of buyers. Specifically, he pointed out that day traders are likely to pile in with new long positions, while short sellers are either closing their positions or getting squeezed out entirely. Both of these actions will continue to generate buying pressure, at least in the short term. Source: Michael Van De Poppe on X
This shift in market structure has already begun to play out. As the chart below shows, the previous resistance zone around $107,000, which was a strong support during the earlier ATH moves in May, has now flipped. This zone had repeatedly rejected price advances, acting as a price ceiling since May 30. Now, with the breakout confirmed and volume increasing, the analyst expects a swift rally toward $108,900and beyond for the rest of the week. Bulls Prepare For New Bitcoin All-Time High
The timing of this breakout also coincides with the start of the trading week, which Van de Poppe describes as a great start to the week and a continued upside for the remainder of the week. More often than not in this cycle, Bitcoin has exhibited sentiment surges early in the week that persistedthroughout the week. If Bitcoin can consolidate above the $107,000 to $108,000 range without falling back into the previous structure, it could enter a new price zone as soon asthe $111,000 barrier is breached. Related Reading Bitcoin Diamond Hands Are Buying Again, Here’s Why It’s Bullish For The Market 1 week ago
With increasing interest due to ETF inflows, it could serve as the launchpad forBitcoin’s next major leg up, carrying it toward new all-time highs before the end of June. At the time of writing, Bitcoin is trading at $109,455, having recently reached an intraday high of $110,237. The leading cryptocurrency is currently only about 2.5% away from setting a new all-time high. BTC trading at $109,609 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com