Bitcoin surges 3.5% to $117,000 as altcoins rally

Bitcoin's price has surged from $113,000 to $117,000 in a single day, currently hovering around $116,000. This significant increase suggests the potential start of a new bull rally, with analysts anticipating further gains. The overall trend remains bullish despite recent market fears such as tariffs, war news, and regulatory crackdowns. On-chain data and market charts have consistently indicated that the bull market is intact, and this is now reflected in the price charts.

The rise in Bitcoin's price is not an isolated event; altcoins are also experiencing a resurgence. Ethereum has crossed $2,900, marking a 14% increase this week. XRP surged to $2.57, gaining 13%, while Solana rose to $164, up 8% in seven days. This pattern aligns with the typical bull market cycle where liquidity rotates from Bitcoin into altcoins after significant moves in BTC.

Technically, Bitcoin has broken out of major resistance areas on multiple charts, including a long-standing descending channel and a bullish cup-and-handle pattern on the 3-day chart. If this breakout holds, it could pave the way for Bitcoin to reach $150,000 in the coming months. The current market structure is robust, with key support sitting at around $112,100. As long as Bitcoin stays above this level, the upward momentum is expected to continue. A dip below this price would shift attention to lower support areas, including the $107,300 range.

While a short-term pullback is possible, strong rallies like this often surprise on the upside. Bitcoin’s recent climb past its earlier resistance levels indicates that the market could still have room to run. Global liquidity is also on the rise, with stock markets hitting new all-time highs and the U.S. dollar weakening, a combination historically favorable for crypto.