Bitcoin is back in the spotlight after confirming a breakout from a bullish flag. Analysts point out significant technical levels and potential targets for the cryptocurrency.
Importance of the Bull Flag
Bitcoin has finally broken above the orange bull flag on the 1-hour chart. Traders such as MaxFINEancial highlighted this breakout as a clear signal that bulls are taking back short-term control. Their latest chart shows a large green double bottom forming inside the bull flag, which typically indicates bullish continuation. The current retest of the upper edge of the flag around the 200-day moving average confirms bullish intent.
Ascending Triangle Adds to Bullish Setup
Analyst A_y noted that Bitcoin is consolidating just under $110,000, shaping into an ascending triangle known for higher lows pressing against horizontal resistance. A clean breakout above this level could quickly push Bitcoin towards the $112,000 to $114,000 zone. If bulls fail, a pullback to $104,000 remains a possibility, aligning with earlier areas of buyer demand.
What Comes Next for Bitcoin?
The confirmed breakout suggests Bitcoin may have more upside potential to test key resistance levels above $110,000. Traders should prepare for a potential retest of support around $106,000 if the bullish pattern fails to hold. Considering strong technical structures and healthy buyer interest, Bitcoin's next major move will likely hinge on its price reaction around the $110,000 mark.
Bitcoin's confirmed breakout creates potential for upward movement, but traders must monitor key levels to ensure the current bullish trend remains stable.
