Bitcoin Tests Key Resistance Level Ahead of Potential 140000 Rally

Bitcoin is currently in a critical phase, with price action testing a key neckline resistance level. This pattern, often seen as bullish, suggests that a decisive move above this resistance could trigger a significant rally. Traders are closely monitoring the situation, as a breakout above the neckline could signal the start of a powerful upward trend.

According to technical analysis, if Bitcoin manages to break above the neckline convincingly, the next upside target could be in the $140,000 range. This projection is based on the measured move theory, which calculates the potential price target by adding the height of the pattern to the breakout point. While this is an aggressive target, it is considered plausible by many analysts.

Several factors will be crucial in determining whether this breakout materializes. Market sentiment, influenced by news events and macroeconomic triggers, could either accelerate the push or cause a pullback. Additionally, high trading volume will be essential to validate the breakout, as it indicates strong market participation. Traders will also be watching to see if the price retests the neckline after breaking out, as this would serve as a confirmation sign.

In summary, the current trading scenario involves a potential breakout above the neckline, which could trigger buy signals. A retest and hold of this level would increase the reliability of the breakout, potentially leading to a rally toward the $140,000 range, as suggested by the measured move theory. Traders are advised to stay alert for a confirmed breakout candle and to manage risk effectively by trailing stops below the retest level.