Bitcoin Bull Flag Pattern Suggests Possible Breakout Toward $130K if $120K Resistance Holds
Main Idea
Bitcoin is trading within a bull flag pattern between $114,000 and $120,000, with a potential breakout toward $130,000 if resistance is breached, while a drop below $114,000 could invalidate the pattern and lead to downside risks.
Key Points
1. Bitcoin's bull flag pattern on the 4-hour chart suggests a potential breakout toward $130,000–$132,000 if the $120,000 resistance is breached.
2. A breakdown below the $114,000 support level could invalidate the bull flag, with downside targets at $107,442 and $101,216.
3. Bitcoin's market capitalization stands at $2.33 trillion, with a circulating supply of 19.89 million BTC out of a capped 21 million.
4. Analysts highlight $114,000 as a critical support level, essential for maintaining bullish momentum.
5. Long-term investors view the $114,000 support as a key entry point, while traders monitor the $120,000 resistance for confirmation of a breakout.
Description
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