🔍 First: Current technical situation (Technical Analysis)
✅ General trend:
Current price: 109,706.09 USDT
Percentage increase: +3.23% over 24 hours
The price approaches local resistance at 111,980 USDT
📈 Moving averages:
EMA(7) = 98,502.96
EMA(25) = 73,953.56
🔸 Positive intersection for a while, confirming the market's entry into a strong upward trend.
💪 Momentum indicators (RSI):
RSI(6): 74.73
RSI(14): 70.83
RSI(24): 68.05
🔸 All values are in the overbought area (>70), reflecting very strong momentum, but with a possibility of a correction soon.
📊 Trading volumes:
High activity in the recent green candles with rising trading volumes — reflecting genuine interest from buyers.
🌍 Second: Reasons for Bitcoin's return to rise #BTC120K
🔸 1. Macroeconomic developments:
Slowing inflation in some Western countries.
Expectations for interest rate cuts from the US Federal Reserve.
➡️ Makes Bitcoin a more attractive refuge against inflation and recession.
🔸 2. Increasing institutional interest:
Continued liquidity flow into Bitcoin investment funds (ETFs).
Support from major financial companies promoting the adoption of cryptocurrencies as value-preserving assets.
🔸 3. On-chain data:
Increase in holdings of large wallets (Whales).
The decline of Bitcoin movement from wallets to exchanges, indicating an intention to hold rather than sell.
🔸 4. Approaching the Halving event:
Preparing for the upcoming halving in 2026 enhances the positive market sentiment.
Historically, prices tend to rise in the year preceding the event.
🧠 Third: What is expected now?
🔼 If resistance at 111,980 is breached:
Next target: 116,800 then 120,000 USDT
Confirmation of the continuation of the upward trend.
🔽 If the breakout fails:
Strong support at: 98,000 – 95,000 USDT
The correction will be healthy for the continuation of momentum later.
✅ Conclusion:
Bitcoin is experiencing a strong 🚀🚀🚀🚀 and studied upward phase, supported by positive technical momentum and economic and institutional events gradually restoring confidence in the market.
⚠️⚠️⚠️⚠️ But caution is required due to current overbought conditions, and a slight correction may occur before the trend continues.