Bitcoin (BTC) exploded upwards with a surge of $2,000, forming what traders often call “the candle of God.” The BTC price jumped from $105,525 to $107,749 on a 4-hour chart for one candlestick. This is a move that attracted the attention of the market.
The surge continues on the cross of death. It usually appears on the four-hour chart over the weekend with a bearish technology pattern with a moving average of 50 below the 200th period. This signal, interpreted as a warning sign on a further downside, was quickly invalidated as Bitcoin lost its rocket past its main resistance level.
The market responded to the move, with analyst Moon Carl tweeting Bitcoin’s four-hour chart, saying “Bitcoin is outweighing its downward resistance.” At the time of pressing, Bitcoin rose 1.81% over the past 24 hours to 3.46% each week.
Is it $108,000 next?
The breakout injects new enthusiasm into the market, with the Bulls cheering for a comeback and looking at additional profits. Analysts are currently looking at $108,000 as their next test. If the momentum continues, $110,000 could arrive soon.
In response to Bitcoin’s latest move, Crypto analyst Ali wrote, “Resistance could break, and Bitcoin (BTC) could reach $108,300 or $110,000.”
Cryptocurrency analyst Michael Van de Poppe shares this sentiment and outlines a potential scenario for what’s coming next, with a serious $106,500 resistance violating.
Van de Poppe wrote: “I mentioned before that you’re looking at $106,500 to break Bitcoin. It’s happening. It shows strength. I added a context when you’re hoping to see acceleration. For example, at $108,900, that move would be faster.
