- Bitcoin surged over $2,000, forming a strong four-hour candlestick.
- The move invalidated a recent bearish death cross signal.
- Analysts now expect a possible rally toward $108,000 or $110,000.
On Monday, Bitcoin saw a sudden sharp increase, reaching gains over $2,000 within a couple of hours. In one candlestick, the price of BTC went up from $105,525 to $107,749 as displayed on the four-hour chart. The rapid price action drew strong attention from traders and analysts, with many describing the formation as a “god candle.”
The surge followed a bearish signal that appeared over the weekend. A death cross formed on the four-hour chart, typically indicating downside pressure when the 50-period moving average drops below the 200-period. However, the price reversed quickly, invalidating the pattern as Bitcoin broke through descending resistance lines.
Market Reacts as Analysts Set Targets Between $108K and $110K
Market analysts responded quickly to the breakout. Popular commentator Moon Carl noted on social media that Bitcoin had broken above descending resistance. At the moment, Bitcoin is worth $107,641, up 1.81% over the past day and by 3.46% this week.
According to analyst Ali, if BTC’s current trend continues, it may reach $108,300 or even $110,000 shortly. Michael Van de Poppe echoed similar thoughts, noting the importance of the $106,500 level. According to Van de Poppe, staying above this threshold could trigger more buying pressure from day traders and lead to short positions closing, adding further upside momentum.
Momentum Builds Ahead of Key Price Zones
As Bitcoin holds above the breached resistance level, short-term traders watch for the next key zones at $108,000 and $108,900. Van de Poppe stated that further acceleration could occur if the price pushes through these levels. He emphasized that maintaining strength at these levels is essential for continued upside.
Since buying interest is growing and certain technical levels are supporting prices, investors look forward to seeing more evidence of a lasting gain. What happens in the coming sessions might indicate if Bitcoin goes higher or new resistance near its current highs.
Traders will also keep an eye on signals from the global market and attitudes towards trading, as these may cause the market to shift soon. At present, Bitcoin remains in a strong position following its latest breakout.
