The breakout of Bitcoin prices above $107,000 triggers recklessness; these factors will lead to a faster rise.
After days of testing a resistance area at $106,000, Bitcoin has finally broken above the $107,000 mark to confirm the strong bullish momentum that has been building since early June. The breakout that saw Bitcoin briefly regain $110,000 in the last 24 hours follows several failed attempts to close above this pivotal level.
The technical analysis of Bitcoin's price indicates that the breakout above $107,000 has restored control to the bulls. Specifically, technical analysis from crypto analyst Michael van de Poppe suggests that Bitcoin's price will accelerate for the rest of the week.
$106,500 confirms strength, fast movement analyst
Over the past few days, Bitcoin's price structure has been forming a rounded bottom with higher lows, gradually curling under resistance support. Now that the breakout has occurred, it seems the bulls are back in control.
According to Michael van de Poppe, a widely followed crypto analyst on the social media platform X, the pivotal moment came after Bitcoin cleared the resistance of $106,500, a level he mentioned earlier that he was watching. He noted in his post that as long as Bitcoin holds support above this area, momentum will continue to shift in favor of buyers. Specifically, he pointed out that traders are likely to accumulate with new long positions, while short sellers either close their positions or get completely squeezed. These two actions will continue to generate buying pressure, at least in the short term.
This shift in market structure has already begun to take effect. As shown in the chart below, the previous resistance area around $107,000, which was a strong support during past moves in May, has now flipped. This area repeatedly rejected price predecessors and has acted as a ceiling for prices since May 30. Now, with the breakout confirmed and volume increasing, the analyst expects a swift march towards $108,900 and beyond for the rest of the week.
Bulls are preparing for the new Bitcoin all the time
The timing of this launch coincides with the start of the trading week, which Van de Poppe describes as a great start to the week and a continued positive side for the rest of the week. Often in this cycle, Bitcoin has shown increases in sentiment early in the week that have lasted throughout the week. If Bitcoin can rally above the range of $107,000 to $108,000 without returning to the previous structure, it may enter a new price zone once it breaks the $111,000 barrier.
As interest grows due to ETF inflows, this could serve as a launchpad for the next major leg of Bitcoin, carrying it towards new all-time highs before the end of June. At the time of writing, Bitcoin is trading at $109,455, after recently reaching a day high of $110,237. The leading cryptocurrency is currently just about 2.5% away from hitting a new all-time high.