The excitement over Bitcoin (BTC) is growing once more. Because its price is getting close to a significant long-term level, traders and investors are keeping a careful eye on it. This may indicate that a substantial price adjustment is imminent.
Crypto analyst Titan of Crypto revealed this breakout with excitement on X (formerly Twitter), emphasizing that this is “the one to watch closely this week.” The price action aligns with a breakout above a significant resistance, suggesting a possible shift in momentum.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +What you'll learn 👉
Bitcoin Chart Analysis: Breakout from Major Resistance
Titan’s BTC chart indicates that it is trading within an ascending channel on the weekly timeframe, with a series of color-coded zones representing various support and resistance levels. Bitcoin has consistently respected the structure of this channel, moving upwards despite occasional pullbacks.
A crucial horizontal red line, marking a macro resistance level, was previously a strong barrier that prevented BTC’s price from gaining higher ground. However, Bitcoin has now broken through this level, signaling increased bullish sentiment. This breakout positions Bitcoin for further gains as it heads toward a higher price target zone.
BTC Price Testing the Next Key Levels
According to Titan, Bitcoin has set its sights on a target zone, with the next potential price move aimed at the upper part of the channel. This target zone ranges between $110,000 and $130,000, a level that Bitcoin could reach if the momentum continues.
The upper boundary of the channel represents resistance, but the breakout above the red line suggests the possibility of an extended rally. If Bitcoin can’t keep going up, its price might go down to the lower part of its usual range. This lower area could be a good place to buy Bitcoin.
Read Also: Expert Predicts Polkadot (DOT) Price Could Rally 70.5% – Here’s the Outlook
What’s Next for Bitcoin?
Titan of Crypto’s tweet underlines the importance of this macro level, stating that BTC is testing a crucial point. He also hints at the potential for further price movement as traders watch Bitcoin closely. If Bitcoin can hold this breakout, the momentum could carry it to the upper price targets outlined in the chart.
The support zones, marked by the lower section of the ascending channel, provide a safety net for Bitcoin’s price. In the event of a pullback, these areas may act as floors for the price, giving traders confidence to hold or accumulate more BTC during corrections.
The overall market structure for Bitcoin remains bullish. The ascending channel suggests a steady uptrend, with each pullback serving as a potential buying opportunity. The chart identifies key resistance and support zones, offering traders a roadmap for possible future movements.
Bitcoin is following its usual pattern. If it can break through a tough barrier, it might go even higher. But people who trade Bitcoin should be careful. If it can’t break through, the price might stay the same for a while or go back down to test the lower part of its range again.”
With eyes on the next levels and this key macro test, Bitcoin’s future price movements could shape the coming months of the crypto market.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
