Bitcoin Soars Past $118K as Analysts See More Gains on the Horizon
Hey everyone, let's talk about what’s happening right now in the crypto world — because it's big. Bitcoin has just made a major move, breaking past its previous highs and hitting above $118,000 this week. Yes, you heard that right — $118K . After being locked in a narrow trading range for weeks, it finally smashed through resistance, and now, analysts are saying this could just be the beginning of another strong rally.
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According to technical analyst Katie Stockton from Fairlead Strategies, bitcoin's recent breakout is forming what’s known as a "cup-and-handle" pattern on the charts. If you’re not familiar, this is a bullish formation that typically points to further upside. It starts with a rounded dip — the “cup” — followed by a brief pullback — the “handle” — and then, bang, a breakout. Stockton believes this technical pattern could push Bitcoin up another 14%, taking it to around $134,500 in the coming months.
She’s also looking at the MACD — that’s the Moving Average Convergence Divergence — which measures trend momentum. Her take? The momentum is strong, and the trend is clearly upward. What was once resistance around $108,300 is now acting as a solid level of support. That’s a good sign for anyone watching the long-term move.
And it’s not just Bitcoin. Ethereum is having a strong week too, jumping more than 16% in just five days. Even DOGE, the meme favorite, shot up 8% in the last 24 hours. Clearly, the broader crypto market is catching some serious fire.
What’s fueling this? A big part of it is a “risk-on” sentiment across markets. U.S. equities are trading at or near all-time highs right now, and that kind of optimism spills over into crypto. According to Thomas Perfumo from Kraken, this environment is giving investors the confidence to dive back into digital assets.
Plus, over $1 billion worth of short positions were just liquidated in the past 24 hours as Bitcoin surged. That’s a massive squeeze, forcing traders who bet against Bitcoin to buy back in, further accelerating the rally.
So, what we’re seeing now is not just a short-term jump — it's a technically backed breakout supported by market momentum, trader behavior, and overall investor confidence. If Bitcoin does follow through and hits that $134K mark, this could be a historic leg up in the 2025 crypto cycle.
Stay tuned, because this story is still unfolding — and if you're in the crypto space, this is the kind of action you live for.
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