Bitcoin has climbed above the $110,000 mark, driven by a strong technical signal that could shape the next market phase. The recent formation of a golden cross, where the 50-day moving average crosses above the 200-day, has historically indicated the potential for further gains.
A wave of short liquidations totaling over $239 million within 24 hours fueled the breakout. Liquidations allowed Bitcoin to break past previous local highs, contributing to its current streak. A steady stream of trades is helping the rally, and this is clear from the noticeable height of daily candles.
Price activity is now facing resistance between $111,000 and $113,000. At 76 on the daily chart, the Relative Strength Index indicates overbuying, which might cause the market to cool down a little. Despite this, market sentiment continues to lean heavily bullish, as price action remains strong.
Source: Tradingview
Also Read: Banks are Eyeing XRP to Run Entire Digital Ecosystem – Expert Discloses
$113K Resistance Zone Emerges as Pivotal Level for Bitcoin
Crypto analyst Benjamin Cowen says the $113,000 level has become a crucial barrier in this cycle. Cowen had earlier projected this area as key resistance and current market behavior closely aligns with his prediction. A clear break and close above $113,000 could confirm further upside, while failure to do so might result in a pullback toward the $106,000 or $101,000 support levels.
Source: Benjamin Cowen
Traders are watching this level closely, as a decisive move could signal the continuation of Bitcoin’s bull trend. Although the golden cross signals earlier optimism, more effort and changing volume are required to keep the trend going.
There is growing optimism in the crypto market, with a few setting predictions for Bitcoin’s worth at $200,000. When such excitement happens, the market may become more volatile, mainly when assets are trading near important price points. How Bitcoin behaves at around $113,000 will likely determine the direction of its main move in the future.
The rise of Bitcoin above $110,000, together with the golden cross formation, shows clear momentum in the market. The resistance near $113,000 is the most important resistance for market participants to monitor while the market records the current breakout.
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