Bitcoin surged beyond $113,600 on Wednesday, validating the bullish inverse head-and-shoulders pattern identified earlier in the week. The rally, fueled by softer-than-expected U.S. PPI data, signals a possible end to the recent correction from record highs above $124,000. Technical models suggest a move toward $120,000 if momentum holds. Moving averages across the 50-, 100-, and 200-hour charts are trending upward, and the daily MACD histogram has flipped positive. Traders now eye resistance near $114,700, with $110,000 seen as critical support.
About The Author
More Stories
Bitcoin Shows 8 of 12 Capitulation Signals, but VanEck Says Bottom Is Still Ahead
Bitcoin Holds Six-Week Range as Global Bond Yields Reach Multi-Decade Highs
OpenAI Falls Behind Anthropic as Losses Mount and Frontier Training Paused