Bitcoin$BTC Hits $110,000 for the First Time
KEY POINTS
Bitcoin broke past $110,000 on Wednesday, setting a new all-time high.
The previous record was hit before President Trump’s 2017 inauguration.
A technical chart pattern shows rising momentum—but also a possible reversal.
may climb toward $120,000 if current trends hold.
Key support zones to watch: $107K, $100K, and $92K.
Bitcoin $BTC #Surges to New Highs
Bitcoin smashed through $110,000 this week.
This jump pushed it beyond its last peak from 2017.
Market watchers are now eyeing the next big number—$120,000.
The move follows a strong rally that began in April.
What’s Fueling the Price Surge?
Several factors are driving the gains.
The Senate just advanced a new crypto regulation bill.
Also, JPMorgan’s CEO, once a crypto critic, says clients can now buy bitcoin.
More big companies are putting Bitcoin on their balance sheets.
MicroStrategy recently added $765 million worth to its holdings.
Their total stash is now worth over $63 billion.
Bitcoin Chart Pattern Signals Next Move
Bitcoin’s price is following a “rising wedge” pattern.
That often means a reversal could come after a peak.
Still, the current price action is strong.
The RSI (Relative Strength Index) is moving into overbought levels.
That suggests short-term caution, but also strong demand.
Technical Indicators Look Bullish
Another bullish sign: the 50-day moving average crossed above the 200-day.
This “golden cross” often signals more gains ahead.
The pattern projects a possible rise toward $120,000.
Price Levels to Watch
If Bitcoin drops, here are the support zones that matter:
Around $107,000
Around $100,000
Around $92,000#
Final Thoughts
Bitcoin’s sharp rise is backed by growing support from Wall Street and Washington.
But the chart also suggests caution.
Traders should watch volume and trend lines closely.
If momentum holds, $120,000 could be the next stop.