Bitcoin’s Skyward Soar: A Tale of Unstoppable Ascent 🚀💰

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Oh, the times we live in, where the digital coin, Bitcoin, dances like a firework in the night sky, reaching heights that would make even the most audacious dreamers blink in disbelief. The price, you ask? A mere $118,400, and it whispers, “Is this all you’ve got, gravity?” 🌠

S&P 500: The Unlikely Sidekick in Bitcoin’s Epic Journey

While Bitcoin is busy rewriting the rules of what’s possible, the US stock market, particularly the S&P 500, is not one to be left behind. After the Trump tariffs sent it into a temporary spiral, it has risen like a phoenix from the ashes, a v-shaped recovery that would make any economist’s heart flutter. It’s as if the market is saying, “If Bitcoin can do it, why can’t we?” And indeed, it seems poised to re-enter the long-term ascending channel, a move that could only spell good things for our beloved $BTC. 📈

A Temporary Lull or the Calm Before the Storm?

After breaking out of the bull flag and teasing the bears with a couple of false starts, Bitcoin decided to show its true colors, soaring past the all-time high of $112,000. A brief consolidation followed, but it was like a sprinter catching their breath before the final dash. The price then surged another $7,000, hitting the stratosphere at over $118,000. A slight dip into the $117,000s has occurred, but this too seems fleeting. By Friday, $130,000 might just be within reach. 🚀

Of course, the laws of nature and market dynamics suggest that this upward trajectory cannot continue indefinitely. At some point, the momentum indicators, currently screaming “overbought,” will need a break. A sideways or downward movement might be necessary to reset the system. But who knows? Bitcoin has a knack for defying expectations. 🤷‍♂️

The Dark Side of the Moon: Potential Downside Targets

While the bulls are in full swing, it’s wise to consider the potential for a downturn. The Fibonacci extension levels suggest that the deepest retracement we might see is to the 0.618 level, which coincidentally aligns with the top corner of the bull flag. This area has historically provided strong support. For now, the 0.236 level is holding firm, a sign that the bulls are still in control.

On the daily chart, the RSI has just crossed into overbought territory, but it will need to push above 78.60 to avoid bearish divergence. This is a critical level to watch, as it could signal a shift in momentum.

The Weekly Time Frame: A Battle of Titans

On the weekly chart, the RSI is approaching the descending trendline, a potential rejection point for the bulls. If it breaks through, it will need to confirm and then surpass 88.40 to fully annul bearish divergence. This is a crucial test, and the outcome could determine the next major move in Bitcoin’s epic saga. 🌌

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2025-07-11 12:53