- Bitcoin breaks out of bull pennant, aiming for a $137K target.
- BTC faces mild correction near $93,000 but holds above $90,000 support.
- RSI suggests fading bullish momentum; a $95,000 close could signal further gains.
Bitcoin — BTC, has lit a spark that traders had been waiting for. After weeks of suspense, BTC finally broke out of its bull pennant. Two strong daily green candles added fuel to the move, signaling momentum. The breakout paints a bullish picture, pointing toward a potential target of $137,000. While the climb looks promising, some technical signals suggest caution. Could this be the real push toward six figures—or another fake-out? Let’s break it down.
BTC Breakout: Strength Meets Resistance
On Monday, Bitcoin smashed through the upper boundary of the pennant. Bulls roared. By Thursday, the price had jumped 10.45%, closing above $93,000. That breakout confirmed the pattern many had anticipated. Despite the rally, BTC failed to surpass the March high of $95,000. The price kissed resistance and stepped back. As of Friday, the coin trades just above $93,000 after facing some selling pressure. Now, all eyes are on the $90,000 support level. If Bitcoin slips further, that psychological mark could act as a safety net.
A bounce there might reignite momentum. The daily RSI backs the current cooling off. Sitting at 66, it just got rejected near the overbought level of 70. That shows weakening strength among buyers. A further drop below 50 could turn the tide completely, opening doors to a sharper correction. On the flip side, if bulls reclaim control and push the price of Bitcoin above $95,000, the next resistance sits at $97,000. Breaking that could throw open the gates toward the projected $137,000 mark.
What Traders Should Watch Now
Bitcoin’s next move could unfold quickly. Momentum hangs in a delicate balance. Traders should watch the RSI closely—it’s a barometer of trend strength. A drop below 50 would signal growing weakness. In contrast, a jump higher could suggest renewed enthusiasm.
The $90,000 level will likely attract buyers if the dip continues. A strong defense there might restore confidence and keep the breakout valid..For bulls, a daily close above $95,000 flips the script. That would mark a higher high and reinforce the bullish thesis.
This breakout isn’t just another pattern on the chart—it’s a battle cry. Bulls have stepped into the ring, gloves on and fire in their eyes. Whether the rally extends or cools down first, the next few days will be critical. For now, one thing’s clear—Bitcoin isn’t done surprising anyone yet.
