Bitcoin Surges 2% to $107,340.66 on Bullish Technical Patterns

Bitcoin has demonstrated renewed vigor, surpassing the $107,000 mark and currently trading at $107,340.66. This surge follows a period of consolidation above the $105,000 support level, with analysts closely monitoring key technical patterns that suggest a potential new all-time high (ATH).

The cryptocurrency has broken out of a falling wedge pattern, targeting the $109,000 resistance level. This breakout is significant as it indicates a potential shift in market sentiment, with the next upside target positioned at $109,870. A confirmed breakout above this level could pave the way for further gains, potentially reaching $114,950.

Historical patterns, such as the Golden Cross, are also fueling this momentum. The last occurrence of the Golden Cross in 2024 saw Bitcoin pump over 73%, according to Merlijn The Trader. Technical indicators like the Supertrend and Bollinger Bands further support a potential breakout, adding to the bullish outlook.

Short liquidations have also played a role in driving bullish sentiment. On June 26, over $28.42 million in short positions were liquidated, compared to $18.03 million in longs. This triggered a rapid move toward the $107,000 range, with volume increasing following the event. The current VWAP and Parabolic SAR positions support short-term bullish momentum, while the RSI remains neutral near 52. The MACD histogram turns positive, and the DMI shows weakening momentum, but the structure remains intact as long as BTC holds above $104,800.

Optimism surrounding a potential Bitcoin ETF approval later this year is also boosting market sentiment. This sentiment continues to attract institutional and retail interest as Bitcoin consolidates gains and builds momentum for a new ATH. Polymarket data reflects this growing optimism, further fueling the bullish outlook for Bitcoin.