Key points:
Bitcoin market participants expect a resistance trend line breakout, with nearby targets including $125,000.
Attention continues to focus on altcoins while Bitcoin consolidates, with Ether reaching seven-month highs.
Upside potential across altcoins remains, with many not yet copying Ether’s rebound, says the latest market commentary.
Bitcoin (BTC) circled $118,500 into Sunday’s weekly close as traders waited for a new upside BTC price breakout.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Traders: Bitcoin price eyeing $125,000 breakout
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading higher after a trip below $117,000 Friday.
The pair retained much of its gains through the week, still shy of new all-time highs as consolidation took over.
Now, traders say, a resistance trend line stands in the way of Bitcoin returning to price discovery above $123,000.
“BTC is getting ready for a big move,” popular trader Marcus Corvinus told X followers in a post on the day.
“Bitcoin is moving inside a triangle pattern and staying above strong support around $116,000 to $117,000. Right now, it’s going sideways but not for long.”
Uploading a chart showing the trend line in question, Corvinus said that a breakout would take BTC/USDT to $125,000 next.
“If it breaks below support, price may fall to $111,000 or lower,” he added.
“This triangle is almost full a breakout or breakdown is coming soon. Stay ready. The next big move is close.”BTC?USDT 4-hour chart. Source: Marcus Corvinus/X
On daily time frames, popular trader and analyst Rekt Capital eyed a similar structure.
“Bitcoin remains in the Range and the consolidation continues, facilitating further money flow into Altcoins,” he commented on his own chart.
“Break this Lower High (black) within the Range however and Bitcoin will challenge the Range High for another breakout attempt.”BTC/USD 1-day chart. Source: Rekt Capital/X
Ether hits 7-month high into weekly close
As Cointelegraph reported, altcoins have returned to the radar this week as Bitcoin consolidates.
Related: Can XRP price reach $20? These charts say…
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