Bitcoin Update – Why 100K is at Stake and What Needs to Happen First!

After eight days of battling the EMA200, $BTC finally won the match and closed the day above this essential technical indicator.

The success on Saturday was mainly driven by easing market pressure as the German state of Saxony ran out of Bitcoin.

As expected, the price continued to rise after closing above the EMA200. Unbelievably sad events in the US further fueled the increase.

As a result, Bitcoin is now eyeing the upper limit of the long-term bull flag. This pattern started to form in March after Bitcoin jumped from ~40k to ~73k.

From a technical analysis perspective, an upward breakout of the bull flag would inevitably bring 100k to the table. However, it is unlikely (at this point) that Bitcoin will destroy this barrier directly in the next attempt.

However, based on the current changing momentum, I would expect a break to the upside during the next few weeks, followed by a new ATH and a march towards 100k during Q3.