Bitcoin Surges 2.5% to $109,455, Breaking $107,000 Resistance

Bitcoin has surged past the $107,000 mark, confirming a strong bullish momentum that has been building since early June. This breakout follows several failed attempts to close above this pivotal level, with Bitcoin briefly reclaiming $110,000 in the past 24 hours. The technical analysis of Bitcoin's price indicates that the breakout above $107,000 has given bulls back control, with analysts predicting an accelerated price movement for the rest of the week.

Over the past few days, Bitcoin’s price structure has been forming a rounded base with higher lows, gradually coiling under a support turned resistance. Now that the breakout has occurred, bulls seem to be back in control. According to a widely-followed crypto analyst, the decisive moment came after Bitcoin cleared the $106,500 resistance. As long as Bitcoin maintains support above this zone, momentum will continue to shift in favor of buyers. Day traders are likely to pile in with new long positions, while short sellers are either closing their positions or getting squeezed out entirely. Both of these actions will continue to generate buying pressure, at least in the short term.

This shift in market structure has already begun to play out. The previous resistance zone around $107,000, which was a strong support during the earlier all-time high moves in May, has now flipped. This zone had repeatedly rejected price advances, acting as a price ceiling since May 30. Now, with the breakout confirmed and volume increasing, the analyst expects a swift rally toward $108,900 and beyond for the rest of the week.

The timing of this breakout also coincides with the start of the trading week, which is described as a great start to the week and a continued upside for the remainder of the week. More often than not in this cycle, Bitcoin has exhibited sentiment surges early in the week that persisted throughout the week. If Bitcoin can consolidate above the $107,000 to $108,000 range without falling back into the previous structure, it could enter a new price zone as soon as the $111,000 barrier is breached.

With increasing interest due to ETF inflows, it could serve as the launchpad for Bitcoin’s next major leg up, carrying it toward new all-time highs before the end of June. At the time of writing, Bitcoin is trading at $109,455, having recently reached an intraday high of $110,237. The leading cryptocurrency is currently only about 2.5% away from setting a new all-time high.