Bitcoin has decisively broken through the critical $107,000 resistance level, triggering technical indicators that suggest a potential surge toward the $135,000-$144,000 range. This bullish momentum aligns with Fibonacci extension targets and confirms a significant chart pattern on Bitcoin’s daily timeframe.
The breakthrough follows the completion of an inverse head and shoulders pattern, a classic technical indicator signaling trend reversal. The pattern’s neckline between $107,000 and $110,000 was breached with conviction, projecting a measured move target near $144,000. This technical setup gains credibility from the rally’s origin in Q2 2024 when Bitcoin traded near $25,000, establishing a series of higher lows that reflect growing institutional confidence.
Market analysts emphasize that maintaining support above the $107,000-$110,000 neckline zone remains crucial for Bitcoin to achieve its projected targets. The breakout was accompanied by substantially increased trading volume, reinforcing the strength of the upward move and validating the bullish technical outlook.
This development marks a significant milestone in Bitcoin’s ongoing bull run, with technical indicators now pointing toward substantially higher price objectives if current support levels hold.