Bitcoin
broke out of its recent very tight trading range during U.S. Wednesday afternoon hours, threatening to topple its May record of $112,000.
The move came amid a broader crypto rally that also saw Ethereum’s ether
surge 6% above $2,700, its highest level in a month. Bitcoin itself was ahead 2.4% at $111,400 at press time.
For BTC, the $110,000 level has been a significant barrier over the past weeks with investors taking profits each time the price neared that level.
Still, market watchers noted that the slow, quiet buildup could be a bullish setup.
“Crypto feels so quiet, [while] bitcoin is ready to move,” wrote Charlie Morris, chief investment officer at ByteTree, in a report.
Morris pointed out that bitcoin’s volatility has steadily declined, a pattern that historically preceded large upward moves.
“The setup for the next one is looking good,” he said. “As I keep on saying, the quiet bulls are the best.”