Bitcoin is regaining its bullish momentum and approaching a significant resistance level that could open new horizons for price movement.
Current Bitcoin Levels
Recently, Bitcoin (BTC) broke key technical levels and is currently aiming for the first Fibonacci extension around $107,000. This level serves as a significant resistance that could enhance price growth if successfully overcome.
Movement Targets and Support
If Bitcoin manages to break the $107K resistance level, the next major target will be $135,000. This level aligns with the next Fibonacci projection and is backed by a healthy market structure, suggesting the potential for a continued uptrend.
Likelihood of Momentum Sustainment
Despite support from technical indicators, the key factor will be whether market momentum sustains. Traders will be closely monitoring volume spikes and broader market confirmation. If momentum fades, it could delay the movement toward the target levels.
In conclusion, while current sentiments and Fibonacci levels are positive, it remains crucial to monitor the maintenance of market momentum and volume dynamics to determine Bitcoin's next steps.
