Bitcoin targets $102K–$110K after a confirmed breakout from key resistance.
Holding above $66K on 3-day and weekly charts is crucial.
A dip below $66K may trigger a major shakeout before recovery.
Bitcoin’s price action has reignited optimism among traders and investors. Recently, BTC surged past a Descending Broadening Wedge, followed by a successful retest that confirms the strength of this move. Now, Bitcoin’s path to the lofty $102K–$110K range hinges on one critical support— staying above $66K on the 3-day and weekly charts. The stakes are high, as a drop below this level could end the rally and dampen dreams of a six-figure BTC.
https://twitter.com/egragcrypto/status/1853742596834697580 Retest Success Sparks Optimism for $110K
According to Egrag Crypto, the retest of Bitcoin’s breakout level went smoothly, suggesting the rally remains strong. With this retest complete, Bitcoin’s path toward the $110K target looks more attainable.
However, maintaining $66K as support is essential for any hope of reaching this milestone. This level serves as a psychological anchor for investors, reinforcing confidence in Bitcoin’s upward momentum. Even a minor dip here could shake that confidence.
Holding above $66K signals that Bitcoin’s rally still has energy. Egrag Crypto emphasizes this threshold as Bitcoin’s lifeline in this rally, marking the difference between a continued rise and a potential stall.
A Possible Shakeout Ahead?
Egrag Crypto warns that a drop below $66K could lead to a significant pullback. This kind of dip might trigger fear and cause up to 95% of investors to lose faith in the bull run.
Yet, a major pullback often acts as a shakeout—a temporary storm that clears weak hands from the market. In crypto, shakeouts function like resets, paving the way for a stronger rally.
Bitcoin might dip deeply, but a rebound could bring it back on track to reach $110K. For those prepared to weather the storm, this potential shakeout could offer buying opportunities. While Bitcoin’s path to $110K holds promise, patience and resilience are crucial as this story unfolds.
The post Bitcoin’s Path to $110K: Breakout, Retests, and the Key $66K Level appeared first on Crypto News Land.
