Bitcoin Reaches New All-Time High of $106,500 After Breaking Resistance
Bitcoin reached a new all-time high of $106,500, breaking the critical resistance level of $103,600 established on December 5. This breakout from an ascending triangle has generated optimism among traders and investors, with analysts now focusing on potential targets.
Analyst Jelle identifies the breakout as a bullish signal, projecting a price target of $130,000 for Bitcoin in the coming weeks. He notes that this shift in market sentiment may lead to sustained upward momentum.
This milestone solidifies Bitcoin’s dominant position in the crypto market, drawing attention from retail and institutional investors. The market is observing whether BTC can maintain its bullish trend and how swiftly it might achieve the $130,000 mark. Holding above previous resistance levels is crucial for sustaining this rally.
Bitcoin Price Remains Strong
Since late November, Bitcoin has consolidated around the $100,000 mark, leading to speculation about a possible correction. Despite this, Bitcoin's price action remains bullish, with consistent support indicating that the uptrend continues. Consolidation phases often precede significant price movements.
Jelle’s technical analysis indicates that Bitcoin’s breakout from the ascending triangle signals further upside potential. This breakout has pushed Bitcoin into price discovery beyond its previous all-time high.
Jelle sets a $130,000 target, suggesting that the breakout could enhance Bitcoin's momentum in the upcoming weeks.
As Bitcoin rallies, the overall market dynamics may shift, with altcoins historically following Bitcoin during bull runs. Analysts expect that once Bitcoin resumes its ascent, altcoins will also experience significant gains, potentially initiating a euphoric phase in the crypto market.
Attention remains on Bitcoin's ability to hold above $100,000 and surpass resistance levels like $103,600 to continue its bullish trajectory.
Testing Fresh Supply Into Price Discovery
Bitcoin is currently trading at $105,100 after reaching $106,533. The breakout above the $102,200 resistance level has renewed bullish momentum, indicating potential for higher prices. For this rally to remain viable, the $102,200 level should act as support.
If Bitcoin maintains this level, traders anticipate targets of $110,000 and beyond. However, market volatility poses risks; falling below the psychological $100,000 mark could indicate weakness, leading to a potential correction toward lower demand zones around $95,000.
Despite these risks, Bitcoin's bullish structure remains intact as long as key levels are upheld. The breakout above $102,200 reflects strong buying interest and may signal the start of an extended rally. The upcoming days are critical for determining whether Bitcoin can sustain its momentum or face a short-term pullback.
Featured image from Dall-E, chart from TradingView