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After days of testing the resistance zone in the amount of USD 106,000, Bitcoin finally broke over USD 107,000 to confirm the mighty stubborn shoot, which he has been building from the beginning of June. A breakthrough, which in the last 24 hours has briefly recovered $ 110,000, occurs after a few unsuccessful closure attempts above this key level.
Technical analysis of Bitcoin prices indicates that a breakthrough above USD 107,000 He gave Bulls control. In particular, technical analysis from the cryptographic analyst Michaël van de Poppe suggests that the price of Bitcoin will speed up for the rest of the week.
106,500 USD confirms strength, an accelerated analyst movement
Over the past few days, the Bitcoin price structure creates a rounded base with higher minima, gradually curling under the support of rotated resistance. Now, when a breakthrough occurred, the bulls seem to go back to control.
According to Michaël van de poppe, a broadly used cryptographic analyst on the social media platform x, The decisive moment has come After Bitcoin cleaned the resistance of USD 106,500, the level he mentioned earlier. In his position he noticed that as long as Bitcoin maintains support over this zone, the shoot would continue to change in favor of buyers. In particular, he pointed out that traders on the day probably come in with fresh long items, while miniature sellers either close their positions or squeeze completely. Both of these activities will continue to generate purchasing pressure, at least in a miniature period.
This change in the market structure has already begun to play. As the chart below shows, the previous resistance zone of around USD 107,000, which was a mighty support during previous ATH movements in May, now turned. This zone has repeatedly rejected price advances, acting as a price ceiling from May 30 Swift Rally in the direction of USD 108,900 and except the rest of the week.
Bulls are preparing for fresh Bitcoins of all time
The time of this breakthrough also coincides at the beginning of the Commercial Week, which Van de Poppe describes as a great beginning of the week and a continuous advantage for the rest of the week. Most often in this cycle Bitcoin showed an augment in sentiment At the beginning of the week, which lasted Throughout the week. If Bitcoin can consolidate above the range from USD 107,000 to USD 108,000 without returning to the previous structure, it may enter fresh price zone The $ 111,000 barrier is violated.
With growing Interest due to the influx of ETFsIt can serve as a startpad for Another main Bitcoin leg, moving it towards the fresh highest all time before the end of June. At the time of writing, Bitcoin trades for USD 109,455, and recently reached an average level of 110 237 USD. The leading cryptocurrency is currently only about 2.5% from the establishment of the fresh highest all time.
A distinguished picture from Getty Images, chart from TradingView.com
