Bitcoin continues to circulate in a narrow range, but it shows strong artistic signals indicating the possibility of a rising breakthrough soon.
After a week of fluctuation between 107,000 and 110,000 dollars, the focus is now directed towards the emerging flag model, which analysts consider an indication of completing the positive trend towards new record levels during the month of July.
The emerging flag model supports upward expectations
According to the art analyst “Merlijn The Trader”, the bitcoin charts show the formation of an emerging flag, a technical pattern that often follows a period of acute height, and it is expected that it will end with another bullish penetration.
In the event that Bitcoin is able to maintain $ 104,000 support, the following goals are heading about $ 120,000 in July and perhaps more if the positive momentum continues.
For his part, analyst “TED Pillows” indicated that Bitcoin recorded the highest weekly closure in its history, coinciding with the emergence of an upward intersection in the MACD index, which is a classic signal to the reflection of the direction from a decline to the rise, and this type of signal usually precedes periods of strong growth, as happened during the last quarter of 2024 when the currency increased from 58,000 to more than 100,000 dollars.
Support and resistance levels are established
Market data shows that the area of 108,000 to $ 110,000 is currently strong resistance, and if it is stabilized, it may turn into a starting base towards higher levels.
In the event of a temporary decline, the levels of 104,000 to 105,000 dollars may work as vital support in the short term.
At the same time, the RSI data index data indicates that the upscale momentum continues, which supports the possibility of reaching $ 120,000 in the coming weeks.
Other factors support the upward trend
In addition to technical analysis, the basic factors are enhanced by the chances of continuing the positive direction, the bitcoin reserves have decreased in the central exchanges, which indicates the intention of investors to maintain the original instead of selling, and that the Bitcoin ETF funds are still positive, which indicates increasing founding interest.
However, some analysts warn that the strong data of the labor market in the United States may delay the reduction of interest rates by the Federal Reserve, which may cause temporary pressure on high -risk assets such as Bitcoin.
