Key Points:
Bitcoin found support at $107,245, indicating that investor sentiment remains positive, with every slight dip being bought.
Bitcoin is attempting to rebound from the moving average, suggesting a buy-the-dip strategy. Although the price is slightly below the historical high of $111,980, it has not yet entered the overbought zone. CryptoQuant contributor Axel Adler Jr. stated on X that the Mayer Multiple is at 1.1 times, "in the neutral range (0.8–1.5 times)."
Can Bitcoin break through its historical high and restore its upward trend? Let's analyze the charts to find the answer.
Bitcoin is being compressed between the 20-day Exponential Moving Average (EMA) at $107,314 and the resistance level above at $110,530.
The rising 20-day EMA and the Relative Strength Index (RSI) in the positive range indicate that a breakout may occur upwards. If the resistance at $110,530 is broken, the BTC/USDT pair may challenge the historical high of $111,980, followed by the neckline of the inverse head and shoulders pattern.
Sellers are expected to fiercely defend the neckline, as a breakout would complete a bullish setup. This opens the door for a potential rise to the pattern target of $150,000.
If the price drops and falls below the 50-day Simple Moving Average (SMA) at $106,642, this optimistic view will be invalidated in the short term. This could entice short-term buyers to take profits, pulling the pair down to $104,500, followed by $100,000.
The pair found support at $107,245, indicating that every slight dip is being bought. If buyers push the price above the descending trend line, the forming descending channel pattern will be invalidated. The failure of the bearish pattern increases the likelihood of a breakout above $110,530. If this occurs, the pair may rise to $111,980, followed by $113,500.
Conversely, if the price drops and falls below $107,245, the bearish setup will be completed. This could lead the pair down to the pattern target of $103,960.
Related: After the previous two instances where Bitcoin holders took this action, the BTC price rose by 72% and 84% respectively.
Original: “Bitcoin News Update: BTC Range Tightening Hints at Price Break to New Highs”
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