Bitcoin Surges 93% in 24 Hours, Eyes $135,000 Target

Bitcoin has recently formed one of its largest weekly candles in recent months, indicating strong momentum as it approaches the $135,000 target after breaking above the key $107,000 level. This breakout is supported by various technical indicators, including a Relative Strength Index (RSI) of 72, which suggests strong buying pressure. Additionally, the trading volume has surged by 93% in the past 24 hours, further reinforcing the bullish sentiment.

The current rally has been fueled by several factors, including rising ETF inflows and significant short liquidations totaling over $1.1 billion. These on-chain data points indicate growing institutional interest and support for the ongoing price trend. Bitcoin's price has been holding above key levels, with $119,000 serving as near-term resistance and $115,220 as support.

According to analysis by Titan of Crypto, the chart structure shows a breakout-retest-expansion pattern, with the price holding above key support levels. This pattern has led to higher highs and higher lows on the weekly time frame, pushing Bitcoin towards the 1.618 Fibonacci extension level at $135,003. The latest move confirms a breakout from a bull flag, a classic continuation formation, with projections pointing towards intermediate targets of $144,000 and possibly $160,000.

Technical indicators continue to show strength, with the MACD remaining in a bullish trend. The surge in trading volume, coupled with the strong RSI, suggests that the uptrend is likely to continue. Additionally, the observation by CryptoCon indicates that Bitcoin could reach $184,181 based on a recurring 5.618 Fibonacci extension seen in previous cycles. This projection is based on historical cycle lows and tops, providing further support for the bullish outlook.

In summary, Bitcoin's recent breakout above the $107,000 level, supported by strong technical indicators and on-chain data, suggests that the cryptocurrency is on track to reach the $135,000 target. The growing institutional interest and the bullish chart pattern further reinforce the positive outlook for Bitcoin's price trend. As the cryptocurrency continues to hold above key support levels, investors and traders are closely monitoring the next potential resistance levels at $119,000 and beyond.