Bitcoin (BTC) Price Must Break $116,800 to Go “Explosive,” Says Top Analyst
Main Idea
Bitcoin's price needs to break the $116,800 resistance level to initiate a potential explosive rally, with key support and resistance zones identified by analysts.
Key Points
1. Bitcoin is retesting a major macro trendline from 2017, with the $110K-$112K zone acting as critical support.
2. The key resistance level for a new rally is $116,800; breaking this could lead to gains toward $119.5K.
3. Market sentiment has cooled from 'Extreme Greed' to neutral, which may set the stage for a more sustainable rally.
4. Holding the $114K support zone could confirm a breakout and fuel a rally toward $120K and beyond.
5. Analyst Michaël van de Poppe emphasizes caution but sees potential for a bullish surge if resistance levels are breached.
Description
Bitcoin’s price is retesting a major macro trendline that dates all the way back to 2017. Analysts see the $110K-$112K zone as a critical support and accumulation level for BTC. The key resistance to break for a new rally is $116,800, according to the charts. Leading market analysts are growing more optimistic about Bitcoin, suggesting the stage is being set for a major bull run in the second half of the year. While the price has seen a nearly 4% pullback over the past week, now trading around $...
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