Bitcoin (BTC) surprised the markets on Monday with a rapid $2,000 surge, forming what traders often call a “God candle” – a term for a powerful upward price movement. On the 4-hour chart, BTC shot up from $105,525 to $107,749, immediately grabbing traders’ attention.
This spike came right after a “death cross” appeared – typically a bearish technical pattern where the 50-period moving average crosses below the 200-period one. However, bulls invalidated the signal with a strong breakout above key resistance levels.
Momentum Shifts: Bulls Take the Lead
Crypto analyst Carl "The Moon" quickly reacted, posting a chart noting that Bitcoin had broken a critical descending trendline. At the time of writing, BTC was up 1.81% in the past 24 hours, trading at $107,641, with a 7-day gain of 3.46%.
Next Target: $108,000 and Beyond?
This sudden price jump has re-energized the market. Analysts are now eyeing the $108,000 level as the next test. If momentum holds, BTC could soon be targeting $110,000.
Crypto analyst Ali commented:
"Resistance is broken. Bitcoin could head toward $108,300 or even $110,000."
Well-known trader Michael van de Poppe echoed this sentiment, pointing out that the crucial $106,500 resistance was breached.
"This shows strength," he wrote. "If BTC holds above key levels, we’ll likely see: increased buying from day traders, short sellers forced to close positions (which adds buying pressure), and a faster upward move."
Van de Poppe also noted that if Bitcoin climbs to $108,900, the rally could accelerate significantly. In his view, it’s a great start to the week, and the market might be gearing up for a strong bullish breakout.
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