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

Bitcoin (BTC) is currently experiencing a price drop from its record high of $126,000 to around $106,000, forming a bullish falling wedge pattern. This pattern typically indicates that selling pressure is decreasing and could signal a potential upward breakout. Analysts suggest that a breakout past the upper boundary of this wedge may lead to a rebound back towards $126,000 and possibly even new highs. Traders should closely monitor the pivotal $100,000 support level, as a drop below this could result in a deeper correction towards $90,000. The bullish setup has gained support from positive indicators in both the spot market and U.S.-listed spot ETFs, though falling wedges can fail, necessitating caution in trading decisions.

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