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A trading expert is projecting that technical indicators support a potential Bitcoin (BTC) rally toward $110,000 as the asset attempts to recover from the weekend sell-off. Notably, Bitcoin briefly plunged below $100,000 on Sunday following a market-wide decline triggered by a U.S. strike on Iran’s nuclear facility, aligning Washington with Israel in the ongoing Middle East conflict. According to an Analysis by TradingShot , the recent drop formed a descending channel similar to the correction between December 17, 2024, and January 13, 2025.  In both cases, Bitcoin broke below the 50-day moving average (MA) and formed a lower low. The January move led to a sharp reversal that retested the all-time high, the analyst noted in a TradingView post on June 23.  Bitcoin price analysis chart. Source: TradingView TradingShot also pointed out that the Relative Strength Index (RSI) is once again testing the 41.20 support level, reinforcing the similarity betw...

Although Bitcoin (BTC) is consolidating, a trading expert projects that the asset is poised to break out toward $120,000. In this case, prominent online analyst TradingShot pointed out that Bitcoin nearly touched its four-hour 200-period moving average (MA) on Saturday, a critical support level since April 16.  In a June 2 TradingView post, TradingShot noted that after testing this level, BTC immediately rebounded. While the bullish reaction has been moderate since price action remains capped below the four-hour 50-period MA, there are compelling reasons to expect an imminent breakout. Bitcoin price analysis chart. Source: TradingView Specifically, the formation of a blue Arc pattern over the past three weeks mirrors the price behavior seen during previous peaks and pullbacks since Bitcoin’s early April bottom. These Arc patterns have historically signaled significant upward momentum once the price breaks above resistance. Adding to the bullish cas...