Bitcoin cleared $108,300 resistance and is now targeting $135,000 in the intermediate term.
The asset peaked above $122,500 before correcting to $117,000, signaling short-term volatility.
Trading volume surged 42.14% in 24 hours, showing strong market activity despite a 4.28% drop in market cap.
Bitcoin’s latest breakout may lead to a near-term surge toward $135,000, according to Fairlead Strategies’ Katie Stockton. Speaking during a CNBC segment, Stockton analyzed Bitcoin’s recent price action and broader crypto-related assets, emphasizing strong technical signals behind the move.
Bitcoin Breakout Follows Eight Weeks of Consolidation
Stockton noted that Bitcoin had consolidated for about seven to eight weeks before its current breakout. She confirmed that this consolidation phase allowed the uptrend to refresh and gain momentum.
A critical resistance level at $108,300 was recently cleared, forming the basis for a new measured move projection. Using the current trend’s trajectory, she placed Bitcoin’s next objective near $135,000 in the intermediate term.
She defined the “intermediate term” as a potential quarter-long time frame. The breakout was described as decisive, and Stockton added that the chart structure supports further gains before a corrective phase begins. The current upward path, she said, is maintaining the direction seen before the consolidation.
Related Crypto Stocks Confirm Breakout Momentum
Stockton also reviewed stocks with exposure to cryptocurrencies. She stated that MicroStrategy and Coinbase are acting in line with Bitcoin. Coinbase, in particular, cleared resistance that capped the upper limit of a long-term cup and handle pattern. This technical pattern has now seen a breakout.
She mentioned that MicroStrategy remains volatile but has sustained a long-term uptrend defined by higher lows. The company recently broke out of a short-term resistance level as well.
Stockton further added that altcoins like Ripple have also advanced from triangle formations. She explained that these setups, both major and minor, are resulting in broad-based breakouts across the sector. She concluded by pointing out the crypto market’s tendency to surge rapidly, followed by periods of extended consolidation.
What is the Current Market Movement?
Tracking the ongoing market trajectory at the time of writing. CoinMarketCap data indicates that Bitcoin now trades at a price value of $117,008.97 after gaining 8.04% over the past seven days. The market data shows a price rise followed by a sharp decline.
Source: CoinMarketCap
The weekly peak surpassed $122,500 before dropping back to near $117,000. Market capitalization stood at $2.32 trillion, down 4.28%. Trading volume increased by 42.14%, reaching $146.67 billion in 24 hours as Bitcoin’s 24-hour volume-to-market cap ratio reached 6.3%. The price movement shows strong buying earlier in the week, followed by a steady correction before stabilizing again.
