$BTC Bitcoin Technical Analysis:

Bitcoin is currently trading inside a rising expanding wedge pattern, a pattern characterized by increased volatility and widening price action. This pattern is often reversal, but in certain cases it may be a continuation of the previous trend if it is broken to the upside.

Key points in the analysis:

Daily and weekly closes: So far, a close above the key support level at $91K confirms the strength of this level and indicates that buyers continue to control the market. Any daily close below this level will be considered a clear negative signal and weaken the bullish scenario.

Critical resistances: The area between $118K and $120K is a pivotal resistance in the near term. A break of it with a strong daily or weekly close will enhance the chances of reaching the pattern’s estimated target at $135K.

Volume and momentum: So far, the volume is showing mixed signals, which means that the market is waiting for a strong catalyst. The current bullish momentum needs additional confirmation via daily candlestick closes above the resistance.

Scenario: As long as the price continues to trade above the major support at $91K, the bullish scenario remains valid, with $118K as the first target, followed by $135K as a secondary target which is currently ruled out.

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