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Bitcoin continues to hold firm above $105,000, despite the ongoing economic and political uncertainty. Bulls are struggling to surpass the $112,000 all-time-high, but the market is still in high-stakes phase of consolidation. Investors are still focusing on risky assets due to the unstable macroeconomic climate. Global growth is forecasted weak and inflation will continue to rise. Bitcoin seems to thrive under the pressure, and is strengthening its position as a financial hedge.
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Carl Runefelt is an expert analyst who recently brought attention to a fascinating technical development. Bitcoin, over the past four years, has formed a huge inverse head and shoulder pattern. This long-term and rare formation usually signals a bullish turnaround and, should it be confirmed, may mark the beginnings of an explosive price breakout. Runefelt suggests that because the neckline is aligned with resistance currently just under $112K the next weeks will be crucial to the direction of the market.
The crypto market is digesting geopolitical tensions and central bank policy changes. on-chain accumulation Bitcoin’s capacity to remain elevated is a sign of growing investor confidence. The focus is now on BTC’s ability to complete this pattern in history and begin the next leg of its bull run.
Bitcoin: A Crucial Crossroads
Bitcoin is trading at a pivotal level that could determine the market’s next major move — a breakout into new all-time highs or a retrace toward lower demand zones. The bullish sentiment has been building quickly after the market surged over 10% from last Sunday. However, the price is still stuck between $100,000 and $100,00. Although bulls seem to be in full control and confident of their momentum, they are unable to get BTC past the $110K barrier. The bears, meanwhile, have not been able to push the price lower than the psychological $100K support level, signaling a state of equilibrium, and increasing pressure on a breakout.
This situation has caused volatility to remain high. Macroeconomic uncertainties and geopolitical instabilities have also contributed. Even so, Bitcoin’s current market looks positive. The bulls’ ability to break the $110K barrier and enter price discovery would be a confirmation of the power behind the rally. It could also spark an exponential phase.
Carl Runefelt believes A breakout of major proportions may be near. His technical analysis reveals a massive inverse head and shoulders pattern forming over the last four years — a rare and highly bullish setup. According to Runefelt traders should be “ready for a crazy pump” If Bitcoin breaches the neckline at $112K, it will be a significant breakout. In the past, these patterns have preceded massive rallies. The upside potential of this pattern could be substantial, given its long-term character.
In the weeks to come, Bitcoin’s breakout may be determined by long-term investors and increased market liquidity. The moment we are at is one of the key junctures for the current bull-cycle.
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BTC Price Analysis – Key resistance Blocks Price Discovery
Bitcoin’s daily chart shows it trading at $107 144, with modest gains, but strong resistance nearing the $109 300 level. The chart highlights a clearly defined horizontal structure between $103,600 and $109,300 — a range Bitcoin has respected for nearly two months. Short-term bulls still have the upper hand, reclaiming all three moving averages – 50-day (105,800), and 100-day (96,784) SMAs.
Following the recent bounce from the $103,600 area of support, volume increased. This could be a sign that momentum is shifting back up. BTC is yet to reach a convincing close above $109 300, which has capped any attempts to find a new price. This level is the key to unlocking new highs.
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A drop under $105K and failure to break resistance could trigger bearish pressure on the downside and a return of lower range. Bitcoin is still in a range with a bullish bias. However, buyers must follow up with large volumes and re-break the $109K barrier. In the meantime, it is prudent to remain cautious as there are still many indecisive traders near major resistance.
Chart by TradingView. Image from Dall E.
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Source: www.newsbtc.com
