Bitcoin News Today: Bitcoin Surpasses $118,000 Entering Wyckoff Markup Phase

Bitcoin appears to be entering a pivotal phase of its bull cycle, with technical indicators and the Wyckoff model suggesting a strong upward trajectory. The cryptocurrency has recently sprung from a key support level at $106,400 and has maintained strength above $118,000, signaling a breakout from a reaccumulation phase that began in early 2024 [1]. This move aligns with the Wyckoff markup phase, which typically follows a period of controlled accumulation and is marked by increased institutional participation and directional clarity [1].

The April 6 "spring" event marked the lowest point of the correction, followed by a breakout supported by a Golden Cross, a widely watched bullish technical signal [1]. This has led to a move into the Automatic Reaction phase, which has since transitioned into the current markup zone. According to the Wyckoff model, this progression indicates that supply has been effectively absorbed, allowing for a continuation of the upward trend [1].

Key resistance levels ahead include $125,000, $140,000, and ultimately $165,000. The red and green liquidity overlay on the chart highlights the importance of the $140,000–$165,000 range, where global market participants may seek to either exit or add to positions [1]. Should Bitcoin maintain volume strength and continue to hold above $140,000, the path to $165,000 could become clearer, particularly if resistance in this zone flips into support.

Technical structure confirms that Bitcoin is now in the final stages of Phase D of the Wyckoff model and is entering Phase E, the markup phase. This phase is characterized by a consistent upward movement driven by strong hands absorbing supply [1]. The current trend suggests that the accumulation phase that began in 2024 was a controlled consolidation rather than a distribution, with organic demand fueling the latest upward move [1].

As Bitcoin continues its climb, traders are closely watching for signs of potential climax or reversal. Until such signals emerge, the price action remains aligned with the expected roadmap of the Wyckoff schematic. The question now is whether Bitcoin can maintain its momentum and reach the $165,000 zone before a new distribution cycle begins [1].

Source: [1] Bitcoin Targets $165,000 After Golden Cross and Wyckoff Phase Break (https://cryptonewsland.com/bitcoin-targets-165000-golden-cross-wyckoff/)