Bitcoin Surges 5% to $111,000, Bullish Trend Intact

Bitcoin has exhibited signs of an upward trajectory, with analysts and market indicators suggesting a potential bullish trend. Michaël van de Poppe, a prominent figure in the crypto trading sphere, has noted that Bitcoin is moving upwards again, which is a positive sign for investors. This upward movement follows a period of consolidation, with Bitcoin briefly breaking back above the $106,000 mark. The surge to $111,000 in late May has left many investors wondering whether they have missed the boat or if the real gains are just getting started.

Historically, Bitcoin has responded positively to rate pauses, often resuming upward movement when signs of seller exhaustion appear. The dominance of long positions and the upward sloping trend indicators suggest a bullish structural signal. The 50-day simple moving average (SMA) is currently holding above the price, indicating a potential for further gains.

On the daily chart, Bitcoin has formed a triangle pattern with almost equal lows near $100,000 and lower highs marking sustained selling pressure. The key trendline support from March remains intact, keeping the price inside the larger ascending channel. The relative strength index (RSI) is hovering around 51, a neutral level indicating balanced momentum. If buyers fail to push above the descending resistance and the $110,000 supply zone, downside liquidity below $100,000 may become a target.

The 100 and 200-day moving averages are rising and converging for a bullish crossover, indicating that the long-term bullish structure remains intact. However, the fact that Bitcoin has been rejected multiple times from the $110,000 area makes that zone a critical decision point. A daily close above it would shift the structure bullish again, while a breakdown below the orange trendline support may accelerate a move toward the lower boundary of the large channel.

In the 4-hour chart, Bitcoin has rebounded from a local low of $103,000, leaving a significant pool of liquidity behind. The price is now pushing back into a fair value gap (FVG) in the $106,000 zone, which is now acting as a supply barrier. The RSI is trending higher at 55, showing mild bullish momentum, but the bearish trendline overhead still caps any impulsive move. A breakout above the FVG with strong volume could open the path to retest $110,000. Otherwise, if sellers defend this area again, we may see a sweep below $103,000, aiming for the $102,000 and even $100,000 liquidation zones. The short-term structure leans slightly bullish, but the market remains range-bound between liquidity pools.

Spot sentiment analysis shows a return to aggressive buying dominance, following a long period of neutral and sell pressure. This shift indicates that market buyers are stepping back in with confidence, absorbing sell orders at current prices. Historically, when the spot taker CVD flips green after extended red or grey phases, it precedes upward continuation. This renewed spot demand suggests that large buyers are positioning themselves during this range phase. If this behavior continues while the price holds above key supports, it could lead to a strong breakout. However, if the CVD starts to flatten or turn red again without price advancing, it may indicate exhaustion and foreshadow another sweep of downside liquidity or even a full-blown bearish reversal.

Van de Poppe has mentioned on social channels that Bitcoin could potentially hit new peaks if it manages to break through the resistance at $108,900. If this barrier is passed, he believes the next target might be $112,000, with the current trading price around $105,617. In his four-hour chart assessments, Van de Poppe also highlights that a drop below $105,500 could lead to a temporary decline to $100,000. Hence, there is a focused watch on vital price thresholds.

Alongside Bitcoin, Van de Poppe predicts promising developments for the Optimism (OP) token. He identifies a “bullish divergence” between Optimism and Bitcoin within three-day charts, often signaling potential price changes. This type of divergence occurs when price declines or stability is matched by rising indicators like the Relative Strength Index (RSI). Van de Poppe suggests that Optimism might soon rebound against Bitcoin. At present, OP is trading at approximately 0.00005373 BTC or $0.561.

Following Van de Poppe’s insights, a cautious approach is recommended due to the dynamic nature of Bitcoin and various other cryptocurrencies. Market volatility presents both risks and opportunities. Tracking insights from market analysts such as Van de Poppe can enhance understanding, but conducting independent research is essential. It’s important to remain informed and avoid making decisions driven by market buzz.

The cryptocurrency landscape is both unpredictable and promising. Monitoring key resistance and support areas is vital for informed decision-making. Whether expectations lean towards a bullish or bearish outcome, potential investors should remain vigilant and prepared for swift market shifts.