Bitcoin spent last week trading less than $ 120,000, Show signs of fatigue After failing to seize $ 118,000. However, the main bullish style has been quietly formed under the fluctuation of the surface. According to Crypto Merlijn The Trader analyst, Bitcoin has now completed an ideal head and a perfect style for the shoulders, and a potential Macro step applies.
Technical style points to rise
Bitcoin fell to a correction after an early early week of $ 119,400 on July 28, with Friday, August 1, and witnessed a greater price decrease It fell at a little lower levels 115200 dollars. At the time of writing this report, Bitcoin is still trading less than $ 115,000, but according to an interesting technical analysis by Crypto Merlijn The Trader, Bitcoin is It is still on the right track to start towards 145,000 dollars.
The graph, Which was shared at the beginning On the X social media platform, it shows an inverted classic style. It can be said that this style is one of the most reliable background opposite formations in technical analysis.
The preparation is characterized by a deep head between March and April 2025, surrounded by a left shoulder in early February and a right -wing shoulder in June and July. The upcoming trend occurred when Bitcoin moved decisively over the neck line at $ 110,000, and eventually pushed its highest level at $ 122,838 on July 14.
However, the re -test that followed after this peak until the time of writing this report is what Merlijn refers to as a “bullish re -test”, where PRICE re -consider the level of penetration without breach below the neckline. This is a strong indication that the resistance of the previous neckline is now support.
As I noticed Merlijn, this style checks every technical box, and the main moves of the encryption market often begin skillfully before it erupts violently. In terms of the goal of the price, dropping the graph is a possible increase to $ 145,000. This projection depends on whether Bitcoin can successfully bounce up on the hacking line, as shown in the candle price scheme for 3 days above.
ETF flows out of feelings moments
Despite the bullish formation, the price movement in the last part of the week drew a more realistic picture. Bitcoin failed to keep $ 118,500 I paid a wave of saleIt reached its climax in a strong decline during the weekend.
This incident can be attributed to a set of pressure points: fears caused by the new US tariff ads on Friday, traders in profits near the resistance, and the performance of the investment funds circulated in the United States of America. These elements It caused collectively to recover To $ 11200 on Saturday, August 2.
On August 1, these immediate funds, which are based in the United States, have recorded one of its worst days in 2025, where he received more than 812.25 million dollars in net external flows. This was a strong reflection after successive weeks of flow The institutional demand has faded shortly.
At the time of this report, Bitcoin is trading at $ 114,260, an increase of 0.8 % over the past 24 hours. It will translate the target price of $ 145,000 to 27 % over the current price levels.
Distinctive photo of Pixabay, Chart from TradingView.com
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The post Bitcoin Completes Inverted Head & Shoulders Pattern Above $110,000, What This Means first appeared on Investorempires.com.
