Bitcoin Holds Above Cloud With $121k Target in Sight
Bitcoin closed up 0.61% yesterday at $109,284, holding above the daily TBO Cloud but just under TBO Resistance. The longer BTC maintains this position, the more the daily TBO Slow line continues curling upward, signaling strengthening bullish momentum. While daily volume remains low, OBV trends higher above its MA line and RSI hovers comfortably above 50 without being overbought, leaving room to push higher. The immediate target remains the psychological $110k level.
With a cluster of open short positions above $110k, a liquidation cascade could trigger a sharp rally, with overlapping Fibonacci extensions suggesting $121k as a reasonable medium-term target.
Ethereum and Altcoins Show Signs of Life
Ethereum outperformed Bitcoin yesterday by 2%, reclaiming its place above the daily TBO Cloud and beginning to flatten its Slow line. ETH still faces TBO Resistance at $2,879, but ETH/BTC printed a TBO Open Long, confirming its bullish trend despite weak volume. 
Stablecoin dominance (STABLE.C.D) continued its fall after confirming broken support as resistance, with a short-term target of 7.42%. Bitcoin dominance (BTC.D) closed inside the daily Cloud, shifting into bearish consolidation mode and laying the groundwork for altcoins to rally. TOTAL2, reflecting crypto market cap excluding BTC, printed a TBO Open Long thanks to ETH’s strength. Other encouraging signals include a TBT Bullish Divergence Cluster on OTHERS.D, though the Slow line still trends down.
Key Altcoin Developments
XRP printed a TBO Open Long and approaches resistance, while BCH completed another TBO Springboard Bounce.
LTC remains the most compelling chart, printing its fourth TBO Close Short while repeatedly testing resistance, with targets set at $92 and $105.
Outlook: Bulls Poised for a Short Squeeze
Bitcoin continues to build pressure under $110k, with significant short positions poised to be liquidated in a breakout. The growing bullish signals from BTC, ETH, and altcoin metrics, alongside falling stablecoin dominance, suggest the broader crypto market is preparing to rally. While bears will likely resist at $110k, the setup for a short squeeze remains compelling.
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