Bitcoin Soars 40% as Bulls Eye Pivotal Resistance Zone

Bitcoin's price has surged by over 40% in recent days as it approaches its first major resistance zone. This rally follows news of the Treasury's expansion of its buyback program, which boosted the dollar debasement trade and lifted gold alongside Bitcoin.

In a technical analysis across multiple timeframes, Senior Market Analyst Michael Boutros noted that weekly momentum has climbed to its highest reading of the year, matching the level seen when the record high was set. This uptrend is also accompanied by a break of the May downtrend and key economic data releases, including the core PCE print, Jackson Hole Economic Symposium, and Nvidia earnings.

Boutros emphasized that this advance now faces its first major resistance zone, which will be crucial in determining the next direction for Bitcoin's price. The analyst also highlighted the significance of the break of the May downtrend, which has provided a bullish signal for the cryptocurrency.