Bitcoin Breaks Out of Falling Wedge, Potentially Targeting $110,000

A market analyst known as Satoshi Flipper predicts a potential rebound for Bitcoin after its breakout from a falling wedge pattern. Recently, Bitcoin surpassed $88,000 but faced a downturn due to macroeconomic factors.

Bitcoin’s Falling Wedge Breakout Sparks Rally Hopes

Bitcoin broke out of a falling wedge formation on the daily chart, suggesting a possible price uptrend.
The falling wedge is a bullish reversal pattern characterized by lower highs and lower lows.
After hitting over $88,000, Bitcoin encountered resistance before a drop linked to new international tariffs.
Current trading occurs between $82,000 and $84,000, indicating a potential retest.
If a reversal happens, Bitcoin could rise to $110,000, representing a 32.53% increase.
Major resistance levels are at $88,000, $98,000, and $105,000; failure to hold support may lead to a drop to $78,000.

BTC Exchange Fees Rise By 77%

Bitcoin network fees reached $4.2 million last week, a 76.7% increase from the previous week.
A net outflow of $300 million from exchanges suggests bullish sentiment, with investors moving assets to private wallets.
This indicates strong market demand for Bitcoin amidst rising fees.
At press time, Bitcoin trades at $83,390 with a market cap of $1.66 trillion.