Summary
- Bitcoin (BTC) is reportedly on the verge of breaking 124,500 dollars.
- Experts analyzed that breaking the 115,000~116,000 dollar resistance would likely lead to entering a bullish cycle.
- They reported that BTC is receiving strong support above the 20-week exponential moving average (EMA) at 108,500 dollars.
Bitcoin (BTC) is reportedly on the verge of surpassing 124,500 dollars according to technical analysis.
On the 9th (local time), according to cryptocurrency media Cointelegraph, on the BTC/USD Binance daily chart, BTC rebounded from the lower support line of a rising wedge pattern and continued its upward momentum.
Experts analyzed, "If the uptrend continues, the next target is the 1.618 Fibonacci level of 129,000 dollars."
They also said, "BTC has traded above the 20-week exponential moving average (EMA) at 108,500 dollars, confirming strong support," and assessed, "If it decisively breaks the resistance in the 115,000~116,000 dollar range, it is highly likely to enter the next stage of the bullish cycle."
As of 05:41 on the 10th, BTC was trading at 111,099.35 dollars, down 0.75% from the previous day on the Binance Tether (USDT) market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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