Bitcoin briefly pushed above $110,000 for the second time this month, before pulling back slightly to trade around $109,500. The market consolidating just below the 61.8% Fibonacci extension level could be suggesting strong resistance is being tested near current levels.
Bitcoin remains within reach of its all-time high at $111,965, set on May 22.
The latest upward move may have been supported by comments from U.S. Commerce Secretary Howard Lutnick, who said trade talks with China in London were progressing well and likely to extend for a third day.
CNBC analyst Todd Gordon expects a breakout toward $130,000 according to his weekly chart analysis. According to our chart, A breakout above 111,897 could open the path to the 78.6% extension around $122,093, followed by the 100% extension target at $135,081.
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