The main cryptocurrency has been systematically rising in recent weeks. Technically speaking, the W1 interval is approaching historical highs set on January 19. If it breaks higher, the price may head towards $118,000 or even $130,000. These levels are based on external measurements of 127.2% and 161.8% Fibonacci of the last downward correction. On the other hand, the emergence of supply in the area of $107,000 may lead to the formation of a double top formation, although this scenario is not the base one at the moment. The closing of the W1 candle should provide more information about the further direction of Bitcoin.
Bitcoin interval W1. Source: xStation5
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