Bitcoin (BTC) exploded upward with a $2,000 surge in hours, forming what traders often call a "god candle." The BTC price jumped from $105,525 to $107,749 on the four-hour chart in a single candlestick, a move that has caught the market's attention.
The surge follows a death cross, typically a bearish technical pattern where the 50-period moving average crosses below the 200-period, which appeared on the four-hour chart over the weekend. Interpreted as a warning sign for further downside, this signal was quickly invalidated as Bitcoin rocketed past key resistance levels.
The markets reacted to the move, with analyst Moon Carl tweeting the Bitcoin four-hour chart, saying, "Bitcoin is breaking above the descending resistance." At press time, Bitcoin was up 1.81% in the last 24 hours to $107,641 and 3.46% weekly.
$108,000 next?
The breakout has injected fresh enthusiasm onto the market, with bulls cheering the reversal and eyeing additional gains. Analysts now see $108,000 as the next test, and if the momentum continues, $110,000 may be within reach soon.
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Reacting to Bitcoin's latest move, crypto analyst Ali wrote, "Resistance broke, and Bitcoin (BTC) could reach $108,300 or even $110,000."
Michael Van de Poppe, a cryptocurrency analyst, shares this sentiment, stating that the critical resistance at $106,500 has been breached and outlining potential scenarios for what comes next.
Van de Poppe wrote, "I mentioned before that I'm looking at $106,500 for Bitcoin to break. It's happening, and it's showing strength. I've added some more context of when I'm expecting to see the acceleration. As long as we start staying above crucial levels, we'll start to see: More buying pressure coming in from daytraders. More shorts willing to close (which is buying pressure) and/or shorts getting forced out of their positions. The higher it tends to go, for instance $108,900, the faster the move is going to be. It's a great start of the week, and I assume we'll start to see more acceleration taking place."
