🚨 IS BITCOIN ON THE BRINK OF A NEW ALL-TIME HIGH? 🚨
Bitcoin's price held strong over the weekend, rising to a critical resistance level of $118,000. With a convergence of powerful catalysts, a new all-time high may be on the horizon this week.
📈 KEY CATALYSTS FOR A BREAKOUT:
* Bullish Flag Pattern: Bitcoin has formed a textbook bullish flag on the daily chart. This pattern, with a height of nearly $25,000, suggests a potential price target of $142,000 following a breakout.
* Technical Strength: BTC is trading above its 100-day Exponential Moving Average and has successfully completed a key break-and-retest pattern at the $112,000 support level. Top indicators like the RSI and MACD are also pointing toward more gains.
💰 INSTITUTIONAL & MACRO FACTORS:
* Surging ETF Inflows: Last week saw a major reversal, with over $246 million in ETF inflows. This renewed demand, coupled with historically low supply on exchanges, is a strong bullish signal.
* Fed Rate Cut Hopes: The probability of the Federal Reserve cutting interest rates in September has increased. Positive news from the upcoming U.S. consumer price index (CPI) data this week could further fuel market optimism and drive Bitcoin higher.
The technical and fundamental stars are aligning. Keep a close watch as these factors could propel Bitcoin into uncharted territory this week. 🔥
