Three Reasons Why Bitcoin’s ‘Real Breakout’ Toward $107K Has Begun
Bitcoin's potential rally toward $107,000 is supported by technical factors like an ascending triangle breakout and a looming bull cross, alongside fading selling pressure from long-term holders.Summary
Bitcoin (BTC) is showing signs of a significant breakout, potentially targeting $107,000, driven by three main factors. First, BTC confirmed a breakout from a multi-week ascending triangle pattern near $95,000 and is currently retesting the former resistance as support; holding this level keeps the upside objective of $107,000 intact. Second, the daily chart is approaching a bullish crossover between the 20-day and 50-day Exponential Moving Averages (EMAs), which historically preceded significant price advances. Third, selling pressure from long-term holders (OGs holding coins for over five years) has significantly decreased, aligning with large net Bitcoin outflows from exchanges, suggesting a shift toward holding rather than distribution. Furthermore, a negative correlation between Bitcoin and gold, combined with expanding global liquidity, supports the bullish macro outlook for BTC to outperform gold.
(Source：Cointelegraph)