Bitcoin’s Recent Surge: What’s Next?
Bitcoin has been on quite the ride lately! After climbing from below $102,000, it’s now flirting with the $111,150 mark. But just beneath the crucial $112,000 ceiling, things are slowing down a bit. This movement followed a significant breakout on May 20, pushing Bitcoin beyond several trendline barriers and old supply areas.
Key Insights
- Bitcoin is currently trading around $111,150, with bulls eyeing the tough $112K resistance.
- Technical indicators like RSI and MACD suggest that the earlier momentum may be waning.
- A crucial support zone lies between $109,200 and $108,300.
Despite the positive trend, indicators hint that the bulls might be hitting a speed bump. The larger Bitcoin market sentiment remains positive, but in the short term, we could see some consolidation or even a small dip if the bulls can’t maintain vital support levels between $109,200 and $108,300.
What’s Happening With Bitcoin’s Price?
On the 30-minute chart, the recent price burst has formed an ascending wedge pattern, with Bitcoin pressing against the $112,000 upper limit. This area has been a tough nut to crack, blocking significant price movements since May 21. If the bulls can break through, we might see another leap. But if they falter, a breather might be on the cards.
As we keep a close watch on Bitcoin’s next moves, it’s clear the crypto market never ceases to excite and challenge its followers. Stay tuned!
Image Credit: cryptorank.io
