Bitcoin Continues Its Upward Trend, New Target 140 Thousand Dollars!

In recent days, the price of Bitcoin (BTC) has experienced a brief pause, yet it successfully maintains its strong upward trend. According to analysts, with the current momentum, Bitcoin has the potential to reach the 135,000 – 140,000 dollar range. Particularly in the last 24 hours, Bitcoin’s price has followed a sideways trend, successfully maintaining a steep upward trend line that started from 110,000 dollars.

Throughout the day, this trend line has been tested several times; however, the price of Bitcoin quickly rebounded and showed an upward reaction. Analysts suggest that investors who missed the initial upward movement can still seize opportunities with low-risk strategies such as “call spreads.” From a technical analysis perspective, if the upper band of the expanding triangle formation observed on the daily chart is broken, Bitcoin is expected to move towards the 135,000 to 140,000 dollar level.

On the other hand, if the price falls below the rising trend line on the hourly chart, there is a risk of a correction around 118,000 dollars. Notably, the MOVE index, which measures the volatility of U.S. Treasury bonds, has declined to below 70, the lowest level since December 2021, providing a positive signal for risk assets. However, the dollar index (DXY) and bond yields continue to remain strong.

The formation of a double bottom in the DXY and the rise of the 10-year Treasury yield to 4.16% are among the factors that could challenge the crypto rally in the short term.

The price of Ethereum (ETH) has also increased by about 4% in the last 24 hours, forming a bull flag pattern on the weekly chart. This structure typically indicates that the previous upward trend is likely to continue. A breakout above 5,000 dollars for Ethereum could signal the beginning of new momentum. However, if selling pressure increases during the weekly closing, the likelihood of bears taking control could strengthen.