$BTC is showing strong signs to keep going up. It broke out of a big pattern that started when it hit its last highest price. As long as Bitcoin stays above $75,000, it could reach $125,000.
Looking at the weekly chart, there’s a tough price area around $114,000 and another one near $127,000. The big picture looks good, but if Bitcoin falls below about $103,000, things could get weaker and prices might drop more.
Recently, Bitcoin moved $106,000 from a price it couldn’t pass before into a price it’s holding now, which is a good sign. But right now, the price is moving sideways and not much is happening. It might need to test the lower support again before going up.
There’s a warning sign because Bitcoin is making new highs, but the strength behind the move isn’t growing. This means the rise might slow down soon, so be careful for a short-term drop.
On a day-to-day view, Bitcoin has good support between $105,000 and $107,000, and a challenge to pass the old high near $111,800. In the short term, Bitcoin is trying to recover but is facing a strong price zone between about $109,600 and $109,700. Until it goes past this, things could stay weak, but if it does, the price might go up fast.
Looking at where traders are setting buy and sell orders, there is a lot of interest around $110,000 and $112,600 above, but many sell orders start around $106,600 and get stronger near $105,700. This suggests Bitcoin might drop to around $105,000 to clear those sell orders before going back up.
Also, big investors are still putting a lot of money into Bitcoin through special funds called ETFs. Recently, $211 million came in, which helps push prices higher even when the price moves slowly.
My Thoughts: As long as Bitcoin stays above $103,000 and gets past $109,700, I expect it to reach $114,000 and then $125,000. But watch for short dips because the strength behind the rise is not very strong right now. Overall, the pattern is still pointing up.