- Bitcoin’s forming a bull flag pattern with a projected breakout target near $144,000.
- MACD just flashed a bullish crossover for the first time in June.
- Traders are on high alert as price tests key resistance near $110K.
Bitcoin’s back in the spotlight again—hovering just above the $107K mark after a week that’s been, well, quietly bullish. It picked up nearly 5% over the past seven days, and while the monthly gain sits at a modest 1%, there’s something bubbling beneath the surface. Analysts are starting to whisper about a shift, suggesting the bulls might be creeping back into control after weeks of sideways sludge.
One of those voices? Merlijn The Trader. Known for charting patterns with a sharp eye, he’s flagged a textbook bull flag on Bitcoin’s daily chart. Couple that with a positive MACD crossover and, well, things are starting to heat up again.
Classic Bull Flag? Here’s Why Traders Are Perking Up
Let’s unpack that pattern for a second. The bull flag, if you’re not familiar, is a bullish continuation signal. It shows up after a strong rally (called the “flagpole”), then some chill sideways or downward consolidation (that’s the “flag”). And this chart’s got both.
Bitcoin kicked off its latest climb in early April, sprinting from $74K to $110K by the end of May—clear flagpole. Since then? It’s mostly been lounging in a tight downward-sloping channel between $101K and $110K. That’s the flag. And now, there’s a flicker of breakout energy.
Candles are nudging the top of that flag zone. If price action holds up and we get a solid close above the channel, the textbook move? A rally that mirrors the flagpole’s length. That puts a potential target around $144K—roughly a 34% jump from here.
MACD Gives A Gentle Nudge
Merlijn also points out a recent MACD crossover. The blue line (MACD) crossed above the orange one (signal line) for the first time this month. Traders often take that as a green light—or at least a yellow one leaning heavily bullish.
This crossover is lining up just as BTC tests that upper flag edge. Basically, it’s one more clue that momentum might be shifting north again. Nothing’s confirmed yet, but the puzzle pieces are starting to align.
The Calm Before The Push?
At the time of writing, BTC’s trading at $107,485—up just a hair in the last 24 hours. That’s not much on its own, but paired with the technical setup and the recent MACD flip, it’s got traders sharpening their pencils.
Whether this shapes up into a proper breakout or fizzles into more sideways drift, it’s a moment worth watching. If Merlijn’s call pans out, folks might be kicking themselves for not acting before BTC starts sprinting again.
