BTC/USD is currently trading near $108.8K, compressing within a falling wedge formation — historically a bullish continuation pattern, especially after a strong uptrend.
Why the Bias Remains Bullish:
Fundamental Catalysts:
If BTC breaks out above the wedge resistance with convincing volume:
Retest likely at ~$110K
Targets: $115K → $120K+
Why the Bias Remains Bullish:
- Bullish MA Cross: Short-term MAs (9/21) are aligned for upside momentum.
- Falling Wedge: Price compressing with lower highs and lows, coiling for a breakout.
- RSI Strength: RSI (purple) remains elevated, supporting continued upside pressure.
Fundamental Catalysts:
- Trump delays trade war announcements, reducing global uncertainty.
- FOMC meeting in late July: Trump pushes for rate cuts, potentially bullish for risk assets like BTC.
If BTC breaks out above the wedge resistance with convincing volume:
Retest likely at ~$110K
Targets: $115K → $120K+
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.