BTC Breaks $110k and Sparks Short Squeeze
Bitcoin posted a stellar close yesterday, climbing over 2% to hit a new all-time high at $112k and triggering a massive short squeeze as predicted. With price now firmly above the daily TBO Cloud and flipping TBO Resistance at $109k into support, the bullish macro trend is gaining momentum as signaled by the curling TBO Slow line. Volume came in above its moving average, OBV continues pushing higher, and RSI remains below overbought, leaving plenty of room for continuation.
The next target on the horizon remains $121k, where overlapping Fibonacci extensions align. While the wick up to a new high isn’t as strong as a decisive close above, the chances of a double top here are slim given the current bullish setup.
ETH Follows BTC Higher With Breakout Clusters
Ethereum outperformed Bitcoin yesterday, closing over 6% and reclaiming its place above the daily TBO Cloud. The TBO Slow line and OBV show similar upward momentum, though ETH now looks stretched from its TBO Fast line. Still, ETH’s 4h chart printed a TBO Breakout Cluster, further confirming strength. ETH/BTC also reached TBO Resistance at 0.02504 with its own breakout cluster, suggesting that ETH may continue outpacing BTC in the short term.
Market-Wide Bullish Confirmation Across Indicators
The broader crypto market continues to flash bullish signals. Stablecoin dominance (STABLE.C.D) dumped over 2%, reinforcing risk-on sentiment as it continues its path lower. BTC dominance (BTC.D) sank deeper into the daily TBO Cloud with a TBO Close Long, while Top 10 Dominance and TOTALE100 both printed TBO Close Shorts — key signals for altcoin strength. XRP closed above its long-term resistance, SOL reclaimed the Cloud, and ADA, DOGE, LTC, and UNI all posted strong gains and printed bullish signals.
Altcoins Ride the Rising Tide
Altcoins had a remarkable day. XLM surged 11% on high volume, AVAX, SHIB, and PEPE continued their climbs, and UNI closed an 11% trade setup. LTC remains just shy of breaking long-term resistance, with targets still set at $105.
Smaller-cap names like MNT, TRUMP, ALGO, and SPX6900 all printed bullish divergences or breakout signals. FLOKI, RSR, MORPHO, and ACT also showed strength with breakout setups forming. Even laggards like SUI and SEI are poised for springboard bounces as market momentum builds.
Bitcoin’s new all-time high has opened the door for even higher targets, and with key metrics aligned in favor of bulls, the next leg to $121k is firmly in play. As always, manage risk and watch for retracements — but the overall trend remains strong.
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