Bitcoin News: Bitcoin Confirms Bullish Inverse Head and Shoulders — Next Stop $120K?

Key TakeawaysBitcoin broke above $113,600, confirming a bullish inverse head and shoulders pattern.Technicals suggest upside toward $120,000, with resistance near the 50-day SMA at $114,700.Downside support remains strong at $110,000, the recent higher low.Bitcoin Breaks Out With Bullish PatternBitcoin (BTC) surged past $113,600 on Wednesday, completing a bullish inverse head and shoulders formation that signals renewed upside momentum. The breakout comes after a softer-than-expected U.S. PPI report, which boosted Fed rate cut bets and risk appetite.The move marks the likely end of Bitcoin’s recent pullback from all-time highs above $124,000, setting the stage for the next leg of the rally.Price Target: $120K in FocusUsing the measured move technique, which adds the distance from the pattern’s low to its breakout point, Bitcoin’s target projects toward $120,000.Supporting bullish momentum:50-, 100- and 200-hour SMAs are all trending higher.The MACD histogram has flipped positive on the daily chart.Key Levels to WatchResistance: $114,700 (50-day SMA)Support: $110,000 (recent higher low)Bulls will look to hold $113,600 as a new support base, while a move above $114,700 could accelerate momentum toward $120K. A drop below $110K, however, would invalidate the bullish setup.Market OutlookThe confirmation of the bullish head and shoulders pattern gives Bitcoin technical tailwinds for further upside. With macro conditions also turning supportive, traders are eyeing $115K and $120K as the next big hurdles for the world’s largest cryptocurrency.