Bitcoin$BTC is at a critical turning point as it hovers near the $110K resistance after weeks of tight consolidation between $107Kā$109.5K. Technical signals suggest a surge in volatility is imminent. The RSI sits at 53.5, with Bollinger Bands tightening, while MACD shows growing momentum despite minor bearish divergences.
Key catalysts include BlackRockās Bitcoin Trust surpassing S&P 500 fundsāclear evidence of institutional confidence. A successful retest of the major trendline aligns with Fibonacci extensions, setting the stage for potential breakout targets: $112K ā $115Kā$120K ā and even $130K if volume confirms.
Traders should watch support at $108Kā$109K and $105Kā$106K, with $100K as the critical line in case of rejection. Sentiment remains strongly bullish (80.48%), indicating market participants expect an upward breakout.
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