Bitcoin (BTC) Eyes Record High Above $126K With 'Bullish Wedge'

Bitcoin (BTC) is currently forming a bullish falling wedge pattern, having recently declined from $126,000 to around $106,000. This chart pattern suggests a possible rally, where a breakout above the upper boundary of the wedge near $106,000–$107,000 could confirm bullish momentum and lead to a rebound towards $126,000, opening doors for potentially new highs. Traders are advised to monitor the critical $100,000 support level; a drop below this could indicate a deeper correction, with the next support target at approximately $90,000. The formation of the wedge indicates that despite the current price dip, a reversal may be on the horizon, reflecting improving market sentiment and buying interest. Analysts highlight that while falling wedge patterns historically succeed, they can fail, emphasizing the need for cautious monitoring of price action and volume to validate this potential bullish movement.

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