Bitcoin (BTC) continues to strengthen, breaking through $118,800, reflecting strong buying from bulls and a wave of short liquidations. According to CoinGlass, approximately $570 million worth of BTC shorts were liquidated in just one day on Thursday—clearly indicating a short squeeze in the market.

The traditional financial markets have also shown another positive signal: according to Farside Investors, Bitcoin ETFs with physical delivery in the U.S. recorded the second-largest inflow in history, with an inflow of $1.17 billion on Thursday. This indicates that institutional investors are increasingly confident in Bitcoin's long-term growth potential.

According to the MVRV index (the ratio of Bitcoin's market cap to its actual value), allocations in previous cycles typically began when the index reached 2.75. If history repeats itself, this would correspond to a BTC price of about $130,900.

So, will Bitcoin continue to maintain its bullish momentum while providing leverage for some altcoins?

BTC Technical Analysis

BTC completed a bullish head-and-shoulders pattern after breaking through the neckline on Thursday.

Typically, after a price breaks through a pattern, it will retest the breakout area. If the BTC/USDT pair rebounds from the neckline, it will confirm that bulls have turned this area into a support level—this increases the likelihood of continuing the upward trend, with a target price of $150,000.

The first sign of weakness is breaking below and closing under the neckline—indicating higher levels of profit-taking. Bears need to pull the price below the 50-day simple moving average (SMA) at $106,981 to regain an advantage.

Currently, the price has rebounded strongly from the $110,530 area and has broken through the neckline. This increase has pushed the relative strength index (RSI) on the 4-hour chart into the overbought territory, increasing the likelihood of a short-term pullback or consolidation. If the price holds above the neckline, the upward trend may extend to the $123,000 area.

However, if the price sharply declines and breaks below the support level of $110,530 in the short term, this bullish scenario will be invalidated.

ETH Technical Analysis

Ethereum (ETH) rebounded significantly from the 20-day EMA ($2,613) on Tuesday and broke through the resistance zone of $2,879 on Thursday.

The 20-day moving average is trending upward, and the RSI is also in the overbought zone, indicating that bulls are in control. Although there is slight resistance in the $3,153 area, if this area is broken, the ETH/USDT pair may continue to climb to $3,400 or even $3,750.

On the downside, the first support level is at $2,879, followed by $2,733. If the bears push the price below $2,733, they may trap aggressive bulls. However, before that, slight pullbacks are still viewed as buying opportunities.

On the 4-hour chart, the RSI has also entered the overbought zone, indicating a potential short-term pullback or consolidation. If the price retraces to $2,879 and rebounds strongly, it suggests that the bulls are trying to turn this area into a support level, increasing the likelihood of maintaining upward momentum.

Conversely, if the price drops below $2,879, short-term traders may begin to take profits, leading to a slide towards the 20-day EMA.

HYPE Technical Analysis

Hyperliquid (HYPE) rebounded from the 50-day SMA ($37.66) on Tuesday and accelerated after breaking through the 20-day EMA ($39.69).

The 20-day moving average is trending upward, and the RSI is also nearing the overbought zone, indicating that the upward trend is dominant. If bulls maintain the price above $45.80, the head-and-shoulders pattern will be invalidated. If the bearish pattern fails, it will be a strong bullish signal, potentially pushing the price up to $50 or even $60.

Bears need to pull the price below the 50-day moving average to interrupt the upward trend. In this case, the HYPE/USDT pair may further drop to the $30.70 area.

Currently, bulls and bears are engaged in a fierce tug-of-war at $45.80. If the price declines, the recent support level is the 38.2% Fibonacci level at $42.83, followed by the 20-day moving average. If the price rebounds strongly from the 20-day moving average, the likelihood of breaking through $46.46 will increase. At that point, the price may surge to $50.

Conversely, if the price breaks down and closes below the 20-day EMA, it indicates that bulls are taking profits—potentially pushing the pair down to the 50-day SMA and then further to $37.

UNI Technical Analysis

Uniswap (UNI) is currently forming a series of higher highs and higher lows, indicating a potential trend reversal.

Both moving averages are trending upward, and the RSI is in positive territory, indicating that bulls are in control. Although resistance is at $8.64, a closing breakthrough above this level could extend the rally to $10.36. Bears may attempt to halt the rally at $10.36, but if bulls prevent the price from dropping below $8.64 during a pullback, the UNI/USDT pair could surge to $13.

However, if the price drops and breaks below the current 50-day simple moving average (SMA) at $7, this bullish outlook will be invalidated in the short term.

The UNI/USDT pair has broken through the resistance level of $8.64, indicating that the upward trend is still ongoing. If the price remains above $8.64, the pair may strongly break through to the $10 area.

However, bears may have other plans. They will attempt to pull the price down to the breakout level of $8.64. If successful, the price may drop to the 20-day moving average. A strong rebound from the 20-day moving average indicates that buying pressure during the pullback remains strong, and bulls will attempt to restore the upward trend.

Conversely, if the price reverses and drops below the 20-day EMA, selling momentum may accelerate, pushing the price back to the 50-day SMA.

SEI Technical Analysis

On Thursday, Sei (SEI) rebounded significantly from the 20-day EMA ($0.26) and is currently approaching the upper resistance level of $0.34.

The 20-day moving average is sloping upward, and the RSI is in the overbought territory, indicating buyers hold the advantage. If the price closes above the resistance level of $0.34, it may trigger the next round of upward movement, pushing the price towards the $0.44 area.

On the downside, the recent support level is at $0.29. If the price pulls back from $0.34 and finds support at $0.29, it suggests that positive sentiment remains. Bulls will again attempt to push the SEI/USDT pair higher towards the upper resistance level. Conversely, to form a clear reversal, bears will be forced to pull the price below the 20-day moving average.

The 20-period EMA upward trend line and the RSI indicator are in the overbought zone, continuing to show that bulls are in control. If the closing price breaks through the resistance level of $0.34, it may initiate a new upward trend, targeting $0.44.

On the downside, the recent support level is at $0.29. If the price retraces from the $0.34 area but still holds the support at $0.29, market optimism may persist. Bulls will continue to attempt to push the SEI/USDT pair through the resistance level. Conversely, bears need to pull the price below the 20-day moving average to confirm a reversal.