Bitcoin Breaks Out of Pattern, Targeting $96,200 to $102,100 Range

Bitcoin has broken out of a descending broadening wedge formation, signaling potential movement toward a test zone between $96,200 and $102,100. Confirmation of this breakout could lead to new highs or a rejection at these levels.

Key Developments

Bitcoin recently returned to $85,000 amid rising buying pressure.
The breakout above the upper trendline may indicate strong upward momentum if validated.
Two daily closes above the trendline were noted, with confirmation expected this week.
The target range of $96,200 to $102,100 is identified as crucial for assessing Bitcoin's strength.

Short Squeeze Potential

A move to $90,000 could trigger significant liquidations, affecting over $8 billion in short positions.
Data shows concentrated short interest below $90,000 across major exchanges like Binance and OKX.
A surge past this level could lead to a cascade of liquidations, supporting upward price momentum.

Currently, Bitcoin is trading at $84,706.