Bitcoin continues to trade in a tight range, but technical patterns and indicators suggest potential for another rally.
Technical Indicators of Bitcoin
Bitcoin is consolidating within a rising wedge pattern, which is typically a bullish continuation signal. Current price holds around $111,243.19. The MACD has shown a bullish crossover, indicating possible upward momentum. If a breakout occurs, short-term targets may extend toward the $125,000–$130,000 range. Confirmation remains essential, as rising wedges can also lead to downside moves.
Elliott Wave Analysis
Hamza's analysis suggests that Bitcoin may be completing wave 1, with wave 2 expecting a healthy correction. This correction could fall into the 0.382–0.618 Fibonacci zone, potentially laying a stronger foundation for wave 3. Targets for wave 3 are projected in the range of $175,000 to $220,000. However, the level of $74,500 acts as a threshold; if crossed, the structure would no longer be valid.
Market and Sales Volumes
On-chain data from CryptoQuant shows that large holders sold over 60,000 BTC recently, marking the largest distribution of this cycle. Despite this sell-off, BTC dropped only around 14% before stabilizing, indicating strong market absorption. The total balance of large holders has declined by over 100,000 BTC, yet the price found support near $103,000 and rebounded quickly, suggesting robust institutional demand.
Overall, current technical and analytical indicators for Bitcoin point towards growth potential despite pressures from large sell-offs. If the price continues to hold above $111,000 and breaks key resistance, further upward movement may be expected in the short term.
