Crypto Watch – Road to 135K: Bitcoin Breakout in Motion
Bitcoin: The Last Wall of Sellers Is Gone
The final wall of sellers around the 61.8% Fibonacci retracement level (~$97K) provided some resistance last week and into the weekend. But we’ve now officially broken above that zone—signaling, in our view, that Bitcoin has ended its bearish momentum. The bulls have regained the reins.
Technically, of course, no asset rallies in a straight line. Healthy trends include corrections. The recent drawdown from $110K to $70K formed a textbook bullish flag, shaking out weak hands and short-term buyers. Drawing a Fibonacci extension from that move, the next major resistance level appears to be around $130K.
Chart 1.a: Next Key Level — 130K Fibonacci Extension
Bitcoin just cleared its last major technical hurdle, signaling that the bearish momentum is finally broken. With macro, liquidity, and positioning all turning supportive, this could be the setup for a new leg higher—led by China’s stimulus and Europe’s rate cuts.
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