BTC/USDT 1D chart shows a strong uptrend within an ascending channel, bouncing off the lower support trendline and targeting $148K.
Alright team, let's break down this juicy BTC/USDT daily chart and see what's cooking. The king of crypto is clearly trading within a well-defined ascending channel, demonstrating consistent bullish momentum.
Technically, Bitcoin has shown a fantastic bounce from the lower boundary of this channel, which aligns with robust support around $107,041.97. We're currently sitting at approximately $124,073.27, and the path of least resistance points directly towards the upper channel resistance. Our key target for this move is set at a significant $148,245.80, which coincides with the channel's top.
On the fundamental side, Bitcoin continues to solidify its position. We're seeing sustained institutional interest, evidenced by strong inflows into spot Bitcoin ETFs, signaling increasing mainstream adoption. The upcoming halving narrative also continues to fuel positive sentiment, reinforcing Bitcoin's scarcity and long-term value proposition.
My personal take is that BTC looks incredibly strong here. As long as it holds the channel's support, we are very likely to see a push towards our target. Maintain your positions and keep an eye on volume as we approach that resistance.
Highly recommend HOLD and Stacking BTC at Binance.
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