Bitcoin Surges Above $107,000 as Bullish Momentum Gains Strength
Bitcoin has surpassed the $107,000 mark, indicating strong bullish momentum. The cryptocurrency briefly reached $110,000 after several attempts to break this level. Key points include:
- Technical analysis shows a confirmed breakout above $107,000, with bulls regaining control.
- Analyst Michaël van de Poppe highlights the significance of clearing the $106,500 resistance for further price acceleration.
- Day traders are expected to enter new long positions, increasing buying pressure.
- The previous resistance zone around $107,000 has flipped to support, signaling a potential rally towards $108,900.
- Consolidation above $107,000 could lead Bitcoin towards new all-time highs if the $111,000 barrier is breached.
- Current trading price is $109,455, nearing an intraday high of $110,237.
Increased interest from ETF inflows may drive Bitcoin's next upward movement before the end of June.
