Technical and onchain analysis suggests Bitcoin may be poised for a significant upward move, potentially surpassing the key $110,000 resistance level.
The cryptocurrency has traded within a $78,000 to $110,000 range over the preceding months. A pivotal barrier lies at the short-term holder (STH) cost basis near $112,000.
Market Value to Realized Value (MVRV) metrics indicate Bitcoin’s price has not yet reached an unsustainable peak. An extreme unrealized profit band near $123,000 further supports the case for potential further appreciation.
Key resistance between $109,000 and $110,000 is highlighted as a decisive breakout level. Successfully surpassing this range would confirm a bullish trend extension, potentially propelling Bitcoin towards $130,000.
A confirmed breakout above $110,000 is anticipated to signal a shift in market momentum. This could drive higher liquidity and trading volume, aided by bullish technical formations like the bull flag pattern.
Investors are advised to closely monitor the identified resistance thresholds and await confirmation of a decisive breakout to validate the bullish projection. Market volatility, however, remains a constant consideration factor.