Bitcoin Reclaims Momentum: SEBI RA Dhruv Tuli Sees Room To Rally Past $110K

Bitcoin surged to its highest level in a month as the broader sentiment in the crypto market improved. SEBI-registered analyst Dhruv Tuli noted that Bitcoin has finally broken out of its falling wedge pattern after weeks of consolidation.

The breakout occurred with a move above the key resistance zone of $107,300 - $107,500, confirming bullish intent, Tuli added. This paves the way for a potential rally toward the $110,000+ level.

Bitcoin is trading above both the 21-day and 200-day exponential moving averages (EMA), adding further strength to the technical setup. The overall price structure remains positive as long as it holds above the $107,000 - $105,500 support zone, he said.

https://stocktwits.com/dhruvtuli/message/619760249 

According to a note by Standard Chartered on Wednesday, Bitcoin may record its “best ever” second half of the year, driven by increased institutional interest and treasury buying. The bank expects the asset to surpass its previous high of $111,814, set in May, and maintains a target of $200,000 by the end of this year.

Bitcoin is currently trading 3.84% higher at $109,476.18, a new high.

It was among the top-trending cryptocurrencies on Stocktwits. Bitcoin has gained nearly 18% year-to-date (YTD).

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