Bitcoin has once again demonstrated its strength, most recently breaking above the $107,000 level after forming a bull flag consolidation pattern. And analysts are watching the massive increase very closely. They’re looking out for technical patterns that would suggest a new ATH is just around the corner. Currently, Bitcoin is trading at $107,340.66.
That increase beyond $107,000 was largely sparked by one major catalyst. This development increased trading volume and resulted in massive long and short liquidations on the market. On June 26, bears suffered the most liquidations in a single day with more than $28.42 million in short positions liquidated. Long positions worth $18.03 million disappeared.
This jump comes after a stretch of relative stillness where the crypto hovered above the key $105,000 floor. Technical indicators, same as Supertrend and Bollinger Bands, are respectively lined up – advocating for the bullish case of a big breakout.
The breakout is significant because it signals a potential shift in market sentiment. Bitcoin price next upside target lies at $109,870.
A clear breakout above $109,870 might set the stage for additional upside. If that positive momentum continues, analysts say further gains could add up to $114,950.
In particular, Bitcoin has officially broken out of a falling wedge pattern, a bullish indicator frequently tracked by technical analysts. The breakout target for this breakout is the $109,000 resistance level.
