Bitcoin is making headlines again as it surges past $118,000, signaling the start of the Wyckoff markup phase. This pivotal moment could set the stage for even higher gains, with experts eyeing $165,000 as the next major target. Here’s what you need to know.
Bitcoin News: Why the Surge to $118,000 Matters
Bitcoin’s recent breakout above $118,000 marks a critical transition from accumulation to markup, according to the Wyckoff model. This phase is characterized by strong institutional participation and a clear upward trend. Key factors driving this move include:
- A successful spring from the $106,400 support level.
- A Golden Cross formation, reinforcing bullish sentiment.
- Increased volume strength, indicating sustained demand.
Wyckoff Markup Phase: What Traders Should Watch
The Wyckoff model suggests Bitcoin is now in Phase E, the markup phase, where supply is absorbed by strong hands. Key resistance levels to monitor:
| Resistance Level | Significance |
|---|---|
| $125,000 | Near-term psychological barrier |
| $140,000 | Critical liquidity zone |
| $165,000 | Ultimate target for this cycle |
Golden Cross Confirms Bullish Momentum
The April 6 Golden Cross—a bullish technical signal—has further validated Bitcoin’s upward trajectory. This indicator, combined with the Wyckoff model, suggests that the $165,000 target is within reach if Bitcoin maintains its current momentum.
Bitcoin Price: Can It Reach $165,000?
With Bitcoin now in the Wyckoff markup phase, the path to $165,000 depends on two factors:
- Sustained volume strength above $140,000.
- Resistance flipping into support in the $140,000–$165,000 range.
If these conditions hold, the next leg of the bull run could be explosive.
Conclusion: A Pivotal Moment for Bitcoin
Bitcoin’s surge past $118,000 and entry into the Wyckoff markup phase signals a potential continuation of the bull cycle. Traders should watch for volume trends and key resistance levels to gauge the next move. The $165,000 target remains in play, but caution is advised as the market evolves.
Frequently Asked Questions (FAQs)
Q: What is the Wyckoff markup phase?
A: It’s a phase in the Wyckoff model where an asset experiences consistent upward movement after accumulation, driven by strong demand.
Q: How significant is the Golden Cross for Bitcoin?
A: The Golden Cross is a bullish technical indicator that often precedes sustained price increases, reinforcing the current uptrend.
Q: What are the key resistance levels for Bitcoin?
A: $125,000, $140,000, and $165,000 are critical levels to watch in the coming weeks.
Q: Could Bitcoin face a reversal soon?
A: While the trend is bullish, traders should monitor volume and resistance levels for signs of exhaustion or distribution.
