Bitcoin forms a massive weekly candle, approaches the $135K target after breaking above the key $107K level.
Technical indicators show strong momentum with RSI at 72 and trading volume up 93% in 24 hours.
On-chain data shows rising ETF inflows and $1.1B in short liquidations fueling the ongoing rally.
Bitcoin has formed one of its largest weekly candles in recent months, with strong momentum taking the price closer to a confirmed breakout above the $107,000 level. The current rally places the next technical target at $135,000, following Fibonacci projections. At the time of writing, BTC was trading at $117,789.
Bitcoin Holds Bullish Structure With Rising Momentum
Bitcoin broke above $60,000 key level, followed by a successful retest near the $75,000 support zone. This structure led to a continuation move that pushed BTC to the 100% Fibonacci extension level at $107,698.
https://twitter.com/Washigorira/status/1944036024537014643
According to analysis prepared by Titan of Crypto, the chart structure shows a breakout-retest-expansion pattern with price holding above key support. Bitcoin continued this pattern, printing higher highs and higher lows on the weekly time frame. The asset is now nearing the 1.618 Fibonacci extension level at $135,003.
Fred971 reported that the latest move confirms a breakout from a bull flag, which is a classic continuation formation. Based on that breakout, projections point toward intermediate targets of $144,000 and possibly $160,000.
Technical and On-Chain Signals Support the Uptrend
Technical indicators continue to show strength. RSI is currently at 72, indicating strong buying pressure, while MACD remains in a bullish trend. Trading volume surged by 93% in the past 24 hours, with over $123 billion in activity recorded.
According to an observation by CryptoCon, Bitcoin could reach $184,181 based on a recurring 5.618 Fibonacci extension seen in previous cycles. The analyst used historical cycle lows and tops to estimate this projection.
Meanwhile, short liquidations above $1.1 billion and net inflows into spot Bitcoin ETFs have added support to the current price trend. Institutional interest continues to grow, and transactions above $100,000 totaled $124.26 billion. At press time, Bitcoin is holding above key levels with $119,000 as near-term resistance and $115,220 as support.
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