With Bitcoin's price soaring from $113,000 to $117,000 in a single day, currently hovering around $116,000, the cryptocurrency market is rising again. This latest breakthrough suggests that a new round of a bull market may be on the horizon, and analysts expect further increases in the future.
As usual, market volatility is expected, with price fluctuations and a retest of support levels. However, the overall trend is clearly bullish. Despite concerns over tariffs, war news, and regulatory crackdowns that have plagued the market for months, on-chain data and market charts consistently indicate that the bull market still exists, and this is now reflected in the price charts.
Not only Bitcoin, but altcoins are also recovering. Ethereum broke through $2,900 this week, up 14%. XRP surged to $2.57, a 13% increase, while Solana rose to $164, gaining 8% over the week. This pattern follows a typical bull market cycle, where liquidity shifts from Bitcoin to altcoins after a strong BTC rally.
What will be the next price movement for Bitcoin?
From a technical perspective, Bitcoin has also broken through several major resistance levels on various charts, including a long-standing downward channel and a bullish cup-and-handle formation on the 3-day chart. If this breakout can be sustained, Bitcoin may reach $150,000 in the coming months.
Analysis shows that the current market structure remains strong. Key support is around $112,100; as long as Bitcoin stays above this level, upward momentum is expected to continue. A drop below this price will shift market attention to lower support levels, including the $107,300 range.
While a short-term pullback may occur, strong rebounds like this often lead to unexpected surges. Bitcoin recently broke through previous resistance levels, indicating that the market may still have room for growth.
Global liquidity is also on the rise, with stock markets like the S&P 500 hitting all-time highs, while the dollar is weakening. Historically, this combination is favorable for cryptocurrencies.
