The price of Bitcoin (Bitcoin) surges after breaking the triangle pattern
The price of Bitcoin (Bitcoin) surged after a technical breakout of the symmetrical triangle pattern at the beginning of July 10, approaching $112,000 after recently stabilizing around $109,000, driven by strong trading volumes of $56.8 billion and daily gains exceeding 2%, with a current market cap of nearly $2.2 trillion, reflecting renewed institutional interest in this currency.
A chart showing the price movements of Bitcoin (Bitcoin) over two hours, source: Tradingview. The price breakout managed to test its calculated target, which is an increase of about 2.7% from the triangle range, before slightly retreating, forming an extended upper wick suggesting a temporary exhaustion of buying power, yet the momentum remains evident as indicated by the Relative Strength Index (RSI) stabilizing at 78, signaling the potential for continued upward movement, although its proximity to the overbought area suggests a minor correction may occur.
On the technical front, the level of $110,550 remains worthy of monitoring, after the upper side of the symmetrical triangle turned into a support level, and a price hold above it will confirm a critical breakout; however, failure to do so and a return to stabilize below $109,850 may unleash a stronger downward wave.