Bitcoin is currently trading around $103,700, showing an impressive 7% gain over the past week. After months of sideways consolidation, BTC finally broke through its major resistance at $100,000, signaling the end of its bearish phase and the start of a potential bullish super cycle.
This breakout invalidates previous bearish signals that kept the market under pressure for months. The Relative Strength Index (RSI) on the 3-day chart has also printed a higher high, a classic indication that the correction phase is over, and bullish momentum is building up.
BTC/USD 3-day chart (from GMI).
On the daily timeframe, Bitcoin successfully closed a daily candle above the critical resistance level of $100,000, and has now firmly reclaimed the middle band of its Bollinger Bands, further confirming the bullish trend reversal.
This move is widely seen as the official start of a new uptrend, with BTC now aiming for higher levels as institutional buyers return to the market.
BTC/USD 1-day chart - TradingView
The next key resistance levels to watch are $110,000, $125,000, $150,000, and ultimately $200,000. If Bitcoin manages to stay above the current support zone of $100,000, the path towards a new all-time high becomes highly probable.
From a technical perspective, the market sentiment has shifted back to bullish, and if Bitcoin continues this momentum, altcoins are expected to follow with explosive gains as well.
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