- The release of Bitcoin out of the descending triangle pattern was accompanied by high volume, and such a volume confirms the growth aspect and turns resistance into firm support.
- With the demonstrated upward trend, BTC is now over Ichimoku Cloud with a bullish crossing, and validating the movement upwards, creating the basis of additional course development.
- As long as the support is maintained above the level of 118,200, the further bullish aims are at the levels of 120,000 with a possibility to extend the soaring to the levels between 122,500 and 124.000.
The descending triangle in Bitcoin broke out with tremendous volume,injecting a bullish reversal. A good follow up above $118,200 lends weight. Momentum builds as BTC eyes $120,000, riding fresh support from Ichimoku and market sentiment.
Bitcoin Breaks Out, Retests Successfully
Bitcoin ($BTC) has decisively broken out of its descending triangle pattern, a structure typically seen as bearish. However, bulls took control and flipped the narrative. The breakout occurred with significant volume, a strong sign of conviction.
Price surged above the triangle’s upper boundary and retested the $118,200 level. This horizontal demand zone acted as support and confirmed the breakout. The bounce from this area now signals strength, inviting more buyers into the market.
Moreover, the breakout aligns with heightened market interest. According to @CarlBMenger, 6.5% of Bitcoin’s supply has been purchased above $115,000. This reflects growing demand and suggests accumulation is intensifying.
Ichimoku Cloud Confirms Bullish Momentum
Besides the breakout, the Ichimoku Cloud further supports the bullish bias. BTC now trades firmly above the green Kumo cloud. This shift in positioning indicates a clear trend reversal toward upside momentum.
Additionally, the cloud’s top and the trendline have acted as dynamic support during the retest. The current candle remains firmly above these levels. A bullish cross between price and the cloud further solidifies the case for continuation.
Hence, Bitcoin’s technical setup appears stronger than ever. It’s not just holding gains—it’s building a structure for further expansion.
BTC Targets $120K, Faces $122.5K–$124K Resistance
If BTC holds the $118,200 low, the spot on the $120,000 psychological level is ahead. If prices are able to stay above that level, another short-term continuation trend that would see momentum past $122,500 to $124,000.
However, failure to hold this breakout zone could invite volatility. Price might slide back into consolidation if the support fails.
Significantly, as long as the price stays above the cloud and $118,200, the bulls remain in charge.
Consequently, Bitcoin now stands at a pivotal moment. The structure favors a continued rally, especially with surging volume and buyer interest.
Current Market Snapshot
BTC traded at $118,287 as of writing, backed by a 24-hour trading volume of $47.3 billion. Confidence is rising across the board.
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