Bitcoin (BTC) is positioned to potentially reach the $107,000 mark in the near future, following a recent breakout from a multi-week ascending triangle. This movement indicates a shift into a classic post-breakout retest phase, with BTC having surpassed the upper boundary near $95,000 before pulling back to establish this level as support.
The upward trajectory is further supported by technical indicators, including an impending bullish crossover between the 20-day and 50-day exponential moving averages (EMAs) on Bitcoin's daily chart. Historical data shows that similar crossovers previously resulted in price increases of approximately 17% within a month.
Additionally, selling pressure from long-term Bitcoin holders has diminished, as evidenced by a decrease in the average spent outputs from coins dormant for over five years. This trend suggests a shift towards holding rather than distributing, further reinforcing the bullish sentiment surrounding Bitcoin's current performance.