Bitcoin Breaks $113.6K, Confirms Bullish Head-and-Shoulders Pattern

Bitcoin (BTC $114,198.06) pushed decisively above $113,600 on Wednesday, confirming the bullish inverse head-and-shoulders formation flagged earlier this week.

The move comes after softer-than-expected U.S. PPI data, fueling optimism that inflationary pressures are easing and supporting risk assets. The breakout suggests the recent pullback from all-time highs above $124,000 may be over, with technical projections pointing toward a potential rally toward $120,000.

Momentum indicators are also aligning with the bullish setup. The 50-, 100-, and 200-hour simple moving averages are trending higher, while the daily MACD histogram has crossed into positive territory, signaling renewed market strength.

Still, traders are watching nearby resistance at the 50-day SMA around $114,700. On the downside, the higher low near $110,000 remains a key level for bears to defend.