Bitcoin Pierces $121k Before Closing Below, But Bullish Trend Intact
Bitcoin’s rally yesterday triggered nearly $500 million in short liquidations and $800 million in total liquidations, as the price spiked past overlapping Fibonacci Extension resistance at $121k before closing just under it. This price action is a textbook example of a pierce, rather than a test, as the price exceeded resistance before pulling back — signaling where the market may be headed in the near future. Historical predictive wicks like these in bullish trends are typically filled within days, and with the daily and weekly TBO Slow lines both curling upward, the macro trend remains bullish.
On the shorter-term 4h chart, BTC has retraced to the Fast line in what could become a TBO Springboard Bounce. Indicators remain supportive, with daily RSI at a new local high of 86.7, OBV continuing higher, and Volume exceeding its average — though still underwhelming relative to an all-time high. BTC also left an open CME gap at $114,380, worth watching if a pullback deepen
Ethereum, Dominance Shifts, and Market Cap Outlook
Ethereum followed suit, printing its third TBO Breakout on the daily and showing a steeply curling Slow line — a strong macro bullish signal — though it still remains 63% below its own ATH.
Stablecoin dominance (STABLE.C.D) printed a second TBO Breakdown yesterday, mirroring behavior seen before a major drop in November 2024 and suggesting further rotation into alts. Bitcoin dominance (BTC.D) continues to fall deeper into the TBO Cloud, and the total crypto market cap (TOTALES.D) excluding stablecoins printed a daily TBO Breakout. This setup historically precedes multi-week bullish rallies, and the long-term market cap target remains around $7.24T if the current cycle mimics prior bull runs — still 138% above the 2021 high.
Alts Deliver Breakouts Amid Euphoria
Altcoins are surging in the wake of Bitcoin’s rally, with breakouts or strong signals across the board.
SUI pierced long-term resistance, LINK remains strong above its Cloud and is likely headed toward $24, while XLM and HBAR show signs of exhaustion after massive runs. UNI and BONK printed fresh TBO Breakouts, and MNT continue climbing toward resistance.
PENGU, WIF, HNT, and even meme names like FARTCOIN and PUMP all show potential for further gains, though many are short-term overbought and deserve caution.
The crypto market remains euphoric but in line with the expected late-stage bull cycle. The key now is staying disciplined, locking in profits when prudent, and respecting your trading plan as volatility accelerates.
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