Bitcoin Breaks Falling Wedge – Is $110,000 The Next Stop?
Bitcoin has broken out of a falling wedge pattern, indicating a potential price uptrend. The cryptocurrency surged above $88,000 before a crash due to macroeconomic pressures. The falling wedge is a bullish reversal pattern, and the breakout suggests a strong buy signal. Currently, Bitcoin trades between $82,000 and $84,000, with a potential price surge to $110,000 if a reversal occurs. Major resistance levels are at $88,000, $98,000, and $105,000. If support is lost, prices could drop to $78,000. Additionally, Bitcoin network fees rose by 76.7% to $4.2 million, and there was a net outflow of $300 million from exchanges, indicating bullish sentiment as investors move holdings to private wallets. Bitcoin's current price is $83,390 with a market cap of $1.66 trillion.
