Bitcoin Targets New Highs After Breaking Out of Ascending Wedge

• Bitcoin’s breakout above the wedge signals strong bullish momentum, with $120K in sight if resistance at $106K is cleared.
• Bulls dominate as Bitcoin trades near $99,470, with green candles reinforcing buying pressure and a strong uptrend.
• Market sentiment is overwhelmingly bullish, but traders should watch volatility and key levels for potential pullbacks.

Captain Faibik, a crypto analyst, highlights Bitcoin price action revealing an ascending broadening wedge indicating increased volatility. Bitcoin recently tested the $95,000–$96,000 support zone. If the Bulls defend this level, a strong rebound could push BTC toward a new all-time high. Resistance at $106,000 remains a critical challenge for buyers. Once cleared, Bitcoin could rally further, setting the stage for another leg up.

Bitcoin’s Strong Breakout Signals Bullish Momentum

Bitcoin has maintained a strong upward trajectory, reaching approximately $99,470. The price broke above the wedge’s upper boundary, confirming bullish strength. Green candlesticks dominate the recent movement, showing sustained buying pressure. This breakout aligns with historical patterns, indicating that Bitcoin might continue its climb toward $120,000.

Additionally, The absence of major pullbacks indicates that buyers are still in control. Strong market sentiment is strongly bullish, with long green candles underpinning strong demand. This has therefore created speculation for even higher targets within the upcoming months.

Critical Resistance Levels and Market Implications

Bitcoin faces strong resistance at $106,000, where bulls have struggled to gain control. If this level is breached, the sky becomes clear for further gains. The market structure indicates that once BTC surpasses this barrier, it may accelerate toward $120,000.

Moreover, the breakout above the wedge formation signifies a shift in momentum. As Bitcoin continues to trade above key levels, investors anticipate further gains. However, any failure to maintain this trajectory could lead to a pullback.

The data focuses solely on price action, omitting moving averages, RSI, and volume indicators. Despite this, the breakout itself remains a major event shaping Bitcoin’s short-term outlook. Hence, traders should closely watch support and resistance levels as BTC navigates uncharted territory.

Outlook: Bitcoin Eyes $120K as Bulls Dominate

With no apparent indications of a reversal, Bitcoin is still on the rise. Higher price targets are still supported by the market structure. If positive momentum continues, the recent breakout indicates that Bitcoin might soon challenge $120,000.

However, Investors should be wary because such volatility might give way to wild swings. That said, the long-term trend for Bitcoin is still bullish, provided the price manages to stay above key support zones. The direction of the next move shall be determined by whether the bulls overcome key resistance and sustain the rally.