- Bitcoin holds above $107K after falling wedge breakout, eyeing $109K as key resistance level.
- Golden Cross reappears, with historical patterns suggesting potential for another strong BTC rally.
- Short liquidations and ETF optimism drive bullish sentiment as BTC targets a new all-time high.
Bitcoin is showing renewed strength after reclaiming support above $105,000 and reaching $107,340.66 at the time of writing. Analysts are closely monitoring structural breakouts and bullish technical patterns that point toward a potential new all-time high (ATH). Historical signals such as the Golden Cross and short liquidation events are fueling this momentum.
Technical Patterns Signal Strong Uptrend Toward $109,000
The Cryptomist pointed out that Bitcoin has broken out of a falling wedge pattern and is targeting the $109,000 level. The analyst noted that “weekend price action tends to be choppy,” and a retest of the wedge structure could occur before further gains.
Data from TradingView shows BTC moved steadily above $107,000 after a brief retest of support at $106,990. The current resistance stands near $108,600, with the next upside target positioned at $109,870. A confirmed breakout above this level could open the path toward $114,950.
Merlijn The Trader mentioned that a Golden Cross has reappeared. “The last time this happened in 2024, Bitcoin pumped over 73%,” he stated on X. Technical indicators such as the Supertrend and Bollinger Bands also support a potential breakout.
Short Liquidations and ETF Optimism Boost Market Sentiment
On June 26, over $28.42 million in short positions were liquidated, compared to $18.03 million in longs. This triggered a rapid move toward the $107,000 range, as confirmed by liquidation heatmap data. Volume increased following the event, adding confidence to the bullish outlook.
The current VWAP and Parabolic SAR positions support short-term bullish momentum. RSI remains neutral near 52, while the MACD histogram turns positive. The DMI shows weakening momentum, but the structure remains intact as long as BTC holds above $104,800.
Polymarket data shows growing optimism for a Bitcoin ETF approval later this year. This sentiment continues to attract institutional and retail interest as Bitcoin consolidates gains and builds momentum for a new ATH.
