Bitcoin’s price surged past the critical $118,000 resistance level yesterday, propelled by a confirmed inverse head and shoulders technical pattern breakout. This key technical development signals robust bullish momentum, with the pattern projecting a potential price target approaching $160,000.
Market activity intensified dramatically alongside the breakout. Over the prior 24 hours, global Bitcoin trading volume spiked by 93%, reaching approximately $123 billion. Simultaneously, significant institutional capital flowed into Bitcoin, with US spot Bitcoin exchange-traded funds (ETFs) recording net inflows totalling about $1.18 billion, reinforcing the underlying market strength.
Analyst projections indicate a continued upward trajectory. Analysis suggests Bitcoin could potentially reach a range between $135,000 and $140,000 by the end of the current quarter, referencing the asset’s progression into a Power-of-3 expansion phase amidst the ongoing bullish trend.
Multiple factors support the case for further gains. Key technical indicators remain positive, and market sentiment is buoyed by increasing participation via spot ETFs. Concurrently, significant net exchange outflows, amounting to -$583 million, underscore a prevailing holding sentiment among investors, reducing immediate sell-side pressure.
This confluence of strong technicals, surging volume, substantial institutional inflows, positive analyst outlooks, and a clear signal of accumulation through exchange withdrawals solidifies the current bullish structure for Bitcoin.