On July 10, Bitcoin surged again, breaking through to $118,267, rising nearly 8% from $110,000 in just one day, officially signaling the start of a new bull market.
This wave of increase also indicates one thing: even amidst global tensions and lingering regulatory clouds, the resilience of the cryptocurrency market remains astonishing.
Many analysts indicate that Bitcoin has broken through long-standing downward pressure, coupled with the 'cup and handle' pattern formed in the past few days, providing clear bullish signals from a technical perspective. The next important support level is $112,100. Holding this level makes the goal of Bitcoin reaching $150,000 not just a dream.
Key technical breakthrough for Bitcoin
The breakout of the channel pattern across multiple time frames not only indicates that buyers have gained control on the chart. The expansion of the Bollinger Bands and the relative strength index (RSI) entering the overbought zone both suggest that the upward momentum may further accelerate.
Bitcoin is soaring, and altcoins are also not to be outdone, with a rapid rotation in the market.
Ethereum (ETH) takes the lead, strongly breaking through $3,000, currently reported at $3,022, with a weekly increase of 14%; XRP also takes off, rising over 13%, hitting a high of $2.60; Solana (SOL) performs well too, surging to $166, with a weekly increase of over 8%. These three veterans have directly positioned themselves in the first tier of altcoin rotation.
What do market analysts think? Many believe that XRP is likely to challenge the $3 mark, while ETH needs to hold above $3,000. A continued upward breakthrough could signify the official start of the 'altcoin season.'
Of course, it’s important to stay grounded: market volatility remains intense, with swift movements possible in both directions. However, the continued weakening of the dollar index and overall liquidity recovery gives people considerable expectations for the upcoming market.