Bitcoin’s weekly chart has confirmed a decisive breakout from a significant inverse head and shoulders pattern, a bullish technical formation. The neckline resistance for this pattern was identified near the $113,000 level.
Technical projections based on the pattern’s measured move indicate potential price targets ranging between $140,000 and $160,000. Key support is currently situated in the $114,300–$115,600 range, providing a foundation for potential upward movement.
Resistance levels that Bitcoin may encounter on its path higher include $131,000, $144,000, and the upper target of $158,000. Bullish signals are reinforced by various technical indicators and key on-chain metrics.
Metrics such as the Relative Strength Index (RSI) and the MVRV Z-Score currently align with expectations for sustained upward momentum. Increasing institutional interest and positive market sentiment are seen as significant catalysts potentially driving Bitcoin towards the $140,000–$160,000 range.