Bitcoin has broken decisively to a new all-time high with upside acceleration, confirming a bullish breakout from its recent consolidation range and setting sights on 135k level. The rally gained additional momentum as bullish sentiment grows ahead of “Crypto Week” in the US Congress, where the House Committee on Financial Services, led by the Republicans, plans to advance crypto-friendly legislation. The committee said the measures are designed to help position the US as the “crypto capital of the world.”
Behind the scenes, the rally continues to be supported by a trifecta of macro forces: rising institutional interest, increasing fiscal strain in the US, and a broadly dovish Fed outlook that is keeping real yields contained. Combined, these drivers are encouraging investors to seek alternatives and store-of-value assets like Bitcoin, with the added appeal of regulatory clarity possibly on the horizon.
Technically, near term outlook will now stay bullish as long as 11060 resistance turned support holds. Two major projection levels mark the next target zone at 135k, 100% projection of 49008 to 109571 from 74373 at 134946 and 100% projection of 74373 to 112013 from 98148 at 135788.