Bitcoin has broken above its resistance point at $118,000 this week, according to research firm Fairlead Strategies. Founder Katie Stockton expects the cryptocurrency to reach $134,500 in the coming months, a 14% increase from current levels.
The price movement is attributed to a cup-and-handle chart pattern, where the price first dips and recovers before pulling back slightly to form a “handle.” This pattern often results in immediate upside follow-through. Stockton also analyzed the Moving Average Convergence Divergence (MACD) indicator, which signals sustained upward trend momentum.
Meanwhile, other cryptocurrencies like Ethereum have surged over 16% in the past five days, while DOGE rose 8% in a single day. The strength of US equities and a robust risk-on environment are contributing to the surge, according to global economist Thomas Perfumo at crypto Kraken. Additionally, $1 billion in short positions were liquidated as bitcoin’s price surged, forcing traders to close their positions.
Source: https://www.businessinsider.com/bitcoin-price-all-time-highs-rally-momentum-ethereum-crypto-doge-2025-7