$120K Rally Expected With Key Resistance Break #CriptoNews

• Bitcoin is gaining strength, bouncing back from a $94K low and surpassing key resistance, signaling a potential breakout.
• Technical patterns suggest a rally to $120K–$124K if Bitcoin breaks the $106K resistance.
• Liquidity-driven short squeeze could fuel Bitcoin’s price surge even further.
• Eyes are on the $106K level, with a breakout potentially triggering a major rally.

Bitcoin (BTC) is currently on a positive price trajectory, and it appears to be on the verge of a breakout that could send its value to new all-time highs. After recently dipping to a low of $94,000, BTC showed impressive strength by quickly bouncing back and surpassing significant resistance levels. This strong recovery has caught the attention of investors and analysts, who are now closely monitoring the next potential move for BTC.

BTC Technical Patterns Suggest $120K+ Rally Ahead

According to crypto expert Captain Faibik, two key technical patterns, the Ascending Broadening Wedge and Ascending Triangle, are still in play, signaling that BTC is poised for further upward momentum. Faibik highlights that if BTC manages to break above the critical $106,000 resistance level, it could initiate a rally toward the $120,000 to $124,000 range in the coming days.

The Ascending Broadening Wedge pattern indicates the potential for a sharp rise in price, while the Ascending Triangle suggests that a breakout above $106,000 would confirm bullish momentum, potentially leading to a significant price surge.

Bitcoin Could Trigger Massive Short Squeeze

In addition to the technical patterns, crypto analyst Crypto Rover also points out that BTC tends to chase liquidity, which is currently stacked on the topside. This creates a scenario where a massive short squeeze could occur.

A short squeeze happens when traders who have bet against BTC (by shorting it) are forced to cover their positions, which in turn drives the price even higher. This liquidity-driven move could further fuel Bitcoin’s price increase, adding to the already bullish sentiment in the market.

As Bitcoin continues to show signs of strength and prepares for a potential breakout, investors are eagerly watching key resistance levels, particularly the $106,000 mark. A decisive breakout above this level could trigger a strong upward trend, taking Bitcoin to new price levels.

With both technical analysis and liquidity factors aligning, BTC could be on the cusp of an exciting rally that has the potential to drive its price significantly higher. The next few days will be crucial for Bitcoin’s price action, and all eyes are on the $106,000 resistance level. If BTC can clear this hurdle, a rally toward $120,000 or even higher could be imminent.

Related Reading | GameStop’s Bitcoin Bet: $4.6B Cash Pile in Play