Recently, Bitcoin has been demonstrating notable movement as it approaches the critical resistance level at $110,500, leading traders to anticipate a potential breakout towards $120,000.
Opening of $150M Position
A long position of $108,885 has been observed with 40x leverage, resulting in a $150.87 million bet. This trade was opened while Bitcoin fluctuated around $110,500. Such placements near resistance levels often signal confidence in a trend change.
Triple Top and Ascending Breakout
Bitcoin's price structure appears as a triple top, yet analysts are noting signs of strength. An ascending triangle is forming, marked by higher lows. A breakout above $110,500 could push the price towards $120,000, with support at $98,000 and $93,000 ready to absorb sell pressure.
Falling Wedge Breakout and Monthly Channel
Bitcoin is currently breaking out of a falling wedge formed from April to June. The resistance trendline crosses around $110,500, adding value to the breakout level. If the price exceeds $110,400, a move towards $120,000 is expected. The analysis indicates that the candlestick structure hints at potential large movement.
With current developments in the cryptocurrency market and anticipated breakouts, Bitcoin stands on the cusp of significant changes. Trader expectations point to growth potential, potentially opening new horizons for investments in the cryptocurrency space.
