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Bitcoin News: Potential Surge to $140,000 After Overcoming Key Resistance
In the latest bitcoin news, Bitcoin (BTC) is actively working to regain an essential support level which, if successful, might drive its price to the top of its local range. Observations from market analysts indicate that the outcome of this week could significantly influence market trends for the remainder of the month.
Bitcoin’s Struggle with Crucial Levels
After a dip below the $106,800 mark last week, Bitcoin is striving to reclaim this pivotal support zone. This level previously bolstered BTC during its ascent to a record high, with prices oscillating between $106,800 and $109,700 prior to a market pullback. Last week’s decline saw the cryptocurrency plummet over 8% from its $111,980 peak, touching a 10-day low near $102,000. This week, however, Bitcoin has bounced back into the $105,000 territory and briefly surpassed $106,500 before facing resistance early Tuesday.
Despite recent fluctuations, Bitcoin achieved its highest monthly close ever in May, ending at $104,591, and is currently navigating between $103,000 and $110,000.
Predictions on Bitcoin’s Next Moves
Analyst Crypto Jelle pointed out that Bitcoin’s attempt to secure the $105,000-$106,000 area aligns with the 1.618 Fibonacci level, suggesting a potential surge to around $130,000. He also compared Bitcoin’s current trajectory to its late 2024 rally, noting a similar pattern of breakout and consolidation before reaching new heights. Jelle emphasized that Bitcoin’s Power of 3 (Po3) setup remains intact, projecting a climb to between $140,000 and $150,000 in its price expansion phase. This setup indicates just “one last speed bump,” which involves reclaiming previous all-time high levels before a possible sharp rise.
Market Sentiments and Future Outlook
Market analyst Daan Crypto Trades mentioned that Bitcoin’s current sideways movement is building up significant pressure from accumulated positions, which could fuel a substantial price movement once it breaks out of this consolidation phase. He suggested that Bitcoin’s performance in the early days of the month might set the precedent for either a correction below $100,000 or a rebound that strengthens its market position.
As of now, Bitcoin trades at $105,889, marking a 1% increase on the daily chart. For more in-depth discussions and updates on Bitcoin, you can explore comprehensive resources at [Financier News](https://www.financier.news/).
For additional insights and data on Bitcoin and other cryptocurrencies, consider visiting [Binance](https://www.binance.com/), where extensive market analysis is available to assist both new and seasoned investors.
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