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

Bitcoin (BTC) is currently experiencing a pullback from its record high of $126,000, dropping to around $106,000. This price action is forming a bullish falling wedge pattern, indicating potential for a strong rally ahead. A breakout above the resistance level, estimated between $106,000 and $107,000, could signal a price rebound towards $126,000 and possibly new highs as market sentiment improves. Traders should remain cautious and monitor the crucial $100,000 support level, as failing to hold above this could lead to a deeper retracement to around $90,000. The bullish wedge often suggests that selling pressure is declining, paving the way for renewed buying interest, though, as always, such patterns can fail, requiring vigilant observation of price movements and trading volumes.

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