- Bitcoin holds $116,200 after breaking $112,000 resistance, eyeing $148,000 target ahead.
- BTC price surges past $112K, signaling strong bullish trend with 20% gains in 90 days.
- Bitcoin trading volume jumps 35% as price targets $148K after key breakout confirmed
Bitcoin has broken through a key resistance level on the weekly chart, which is a sign that the market is going up. For months, this level was a ceiling until the price closed above it. Analysts see a Cup and Handle pattern, which is often linked to strong upward momentum. The cup’s depth suggests that it could move toward $148,000.
The pattern began to become molded around the lows, at $80,000, in February and applied through to the breakout stage, at 112,000. This was followed by a brief regime of congestion after which the price began climbing. At present, it was reported that Bitcoin was indeed selling at its all-time high of over 124,000 US-title but then retreated into itself to around 116,000. This indicates the break out level is continuing to be strong.
Key Price Levels and Rising Momentum
The old resistance level of $112,000 is now support, and there is more support near $104,000. As long as the price stays above these levels, it looks like it will go up to $130,000 and then $150,000. If the price drops below $112,000, it could go back to $104,000 or even $90,000 before it goes back up.
This view is backed up by activity on the chain and in the market. Bitcoin’s market share is over 62%, and trading volumes have gone up by 35% in the last few sessions. The number of buyers has gone up by almost 45%, which shows that demand is high. Bitcoin went up 20% in the last 90 days, which supports the long-term bullish structure.
Market Indicators Show Strong Trend
The breakout fits with the inverse head and shoulders pattern, which is another important technical pattern that often means a trend is about to change. Bitcoin is now testing the area around $110,000–$112,000 again after breaking through its neckline. The projected upside target stays close to $148,000 if this level holds.
Bitcoin is worth about KES 15.24 million in Kenya, which is a 1.35% increase from the day before. If the momentum keeps up, analysts think prices will keep going up, with short-term targets between KES 16 million and KES 17 million.
