Bitcoin broke above the $111,000 threshold following hours of sideways trading, recording a rapid $1,520 gain within a single hour. The surge was accompanied by a significant trading volume spike reaching 2.88K BTC, indicating strong market momentum.
The breakout established a new support level near $110,941 while erasing previous intraday resistance around $110,000. Analysts noted the volume surge—particularly concentrated on major exchanges like Binance—suggests substantial participation from large-scale investors, commonly referred to as ‘whales,’ signaling robust market conviction.
Technical indicators point to a potential retest of the $112,000 resistance level as market sentiment shifts decisively bullish. Maintaining position above the $110,941 support line is viewed as critical for sustaining upward momentum and challenging the next resistance threshold.