$BTC

Current Price: $109,636

Signal: Long (Buy)

Entry Zone: $107,000 – $109,000

Take Profit: $112,000 / $115,000

Stop Loss: $105,000

Confidence: High

Analysis: Bitcoin has recently reached a record high, surpassing $110,000 for the first time, fueled by key developments including U.S. legislative actions and increased institutional interest. Notable drivers include the U.S. Senate advancing a stablecoin regulation bill and JPMorgan Chase CEO Jamie Dimon announcing that the bank will permit clients to purchase Bitcoin. Corporate demand, notably by MicroStrategy purchasing $765 million in Bitcoin, has further bolstered prices, bringing its holdings to over $63 billion. Technical analysis indicates that Bitcoin's price is following a rising wedge pattern, potentially foreshadowing a reversal due to declining volume and overbought signals. However, a “golden cross” pattern—where the 50-day moving average crosses above the 200-day moving average—suggests continued upward momentum. A bullish projection suggests Bitcoin could reach $120,000, based on patterned price movements. Key levels to monitor include support at $107,000, psychological support at $100,000, and more substantial support around $92,000, aligning with historical trade ranges and moving averages.

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