Market Update:

Bitcoin has just reached a new all-time high (ATH), breaking above $106k, and is showing a clear breakout from the rising wedge pattern on the daily chart. The next likely move is a retest of the breakout level, which could fall between $103.8-103k.

This price action is reminiscent of the trend we've seen in recent weeks, where MicroStrategy's Monday announcements of new Bitcoin purchases have contributed to strong weekend rallies. However, these gains are often followed by pullbacks once the news hits the market, and today could follow a similar pattern.

BTC dominance continues to climb, which is keeping altcoins from gaining much traction. As long as Bitcoin remains strong, it's likely that altcoins will struggle to break out in the near term.