After several days of testing the resistance level at $106,000, Bitcoin has successfully surged past the $107,000 threshold, signaling a robust bullish trend that has been developing since early June. This breakout has allowed Bitcoin to briefly reclaim the $110,000 mark within the last 24 hours, following multiple unsuccessful attempts to maintain a position above this critical level.
Technical analysis suggests that the recent surge above $107,000 has restored control to bullish traders. Notably, crypto analyst Michaël van de Poppe indicates that Bitcoin's price is likely to gain momentum for the remainder of the week.
In recent days, Bitcoin's price structure has been forming a rounded base characterized by higher lows, gradually tightening under a previously established resistance level. With the breakout now confirmed, bullish sentiment appears to have returned to the market.
According to Michaël van de Poppe, who is a prominent crypto analyst on the social media platform X, the pivotal moment occurred when Bitcoin surpassed the $106,500 resistance level, which he has closely monitored. He emphasized that as long as Bitcoin maintains its position above this level, the momentum will continue to favor buyers. He also highlighted that day traders are likely to increase their long positions, while short sellers may be forced to close their positions, contributing to upward buying pressure in the short term.
This shift in market dynamics has already begun to manifest. The previous resistance zone around $107,000, which served as a strong support during earlier all-time high movements in May, has now changed its role. This zone had consistently hindered price advances, acting as a ceiling since May 30. With the breakout confirmed and trading volume on the rise, analysts expect a rapid increase in Bitcoin's price, potentially reaching $108,900 and beyond within the week.
The timing of this breakout coincides with the beginning of the trading week, which Van de Poppe views as a promising start and anticipates continued upward movement. Historically, Bitcoin has shown a tendency for positive sentiment early in the week that often extends through the following days. If Bitcoin can solidify its position within the $107,000 to $108,000 range without reverting to previous price structures, it may soon enter a new price territory, especially if the $111,000 barrier is surpassed.
With growing interest fueled by ETF inflows, this could serve as a springboard for Bitcoin's next significant rally, potentially driving it towards new all-time highs before the conclusion of June. At the time of reporting, Bitcoin is trading at $109,455, having recently achieved an intraday high of $110,237, and is now just 2.5% away from a new all-time high.
