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While Bitcoin (BTC) tries to support the $ 110,000 resistance, some analysts believe that the pricing rally has just started, which predicts new highlights for the flagship crypto.
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Bitcoin starts the second prize discovery on Uptrend
Last week the momentum of Bitcoin pushed his prize to his new all-time High (ATH) of $ 111,814 before he withdrew to his current reach. In the weekend, Bitcoin confirmed his outbreak in his second upward price discoverto, after his successful retest of the $ 104,500 Mark as support.
The cryptocurrency has been in a considerable market recovery for more than a month, with almost 50% of the April. Analyst stretches Capital noted That BTC ended his downward deviation period and positioned himself for a retest of his most important re-accumulation oak during the rise from the beginning of May, which was successfully recovered and surpassed.
The analyst is of the opinion that the new price discovery of the price has just started “, because Bitcoin Week 2 of this phase starts. Capital emphasized that this cycle has been ‘a story of re-accumulation strikes’, which indicates that a new range will probably arise after this price discovery.
In the meantime, history suggests that a second price discovering correction is anticipating if Bitcoin is transferred to his new price determination.
During the future correction, BTC will probably return between 25% -35% “to produce another downward deviation under the re -accumulation range low (future orange circle) before they are resumed upside down in a likely price evidence.” “
In the meantime, “the only thing that Bitcoin has to do is to keep it high from $ 104,500” above the re-accumulation rack to continue its price discovering rally.
$ 110,000 breakout next?
The Range High has again tested the High flagship as support in the past two weeks, which confirms the outbreak. As such, it can fall from the upper zone of the previous $ 92,000 $ 104,500 range as “part of normal volatility.”
Moreover, it changed a key resistance, the $ 102,500, in the support in this period, which was previously rejected in January 2025. With these levels as support as support, Capital is of the opinion that only the December 2024 and January 2025 are retrodenties, at $ 108,353 and $ 109.588, in the way of an extra price discovered.
Trader Daan Crypto Trades noted That Bitcoin is “still strong, but fights around his previous all times earlier this year.” He pointed out that the price promotion looks “very jerky” in the lower timetables, but it should not be for investors if the price remains within his current reach.
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Analyst macroCcrg confirmed That Bitcoin has to officially reclaim the level of $ 110,000 to continue his rally, because it marks the previous ATH and the Value Area High (VAH) last week. “Acceptance above and we probably squeeze directly into price discovery,” said CRG.
Bitcoin is currently testing his weekly opening of $ 109.004 as support, which could determine the stage for an outbreak above $ 110,000. In the meantime, rejection from this area could send the BTC price to the $ 106,000 $ 108,000 area.
Bitcoin is currently acting at $ 109.181, an increase of 1.4% in daily period.
Featured image of unsplash.com, graph of TradingView.com
