Technical Setup: Bitcoin Forms Bullish Head-and-Shoulders, Fueling Rally Hopes

Bitcoin advanced to $114,198 after clearing the $113,600 threshold, confirming a bullish inverse head-and-shoulders pattern. The breakout followed weaker-than-forecast U.S. PPI data, easing inflation concerns and supporting broader risk sentiment. The move suggests the pullback from July’s $124,000 highs has run its course, with projections pointing toward $120,000. Momentum remains positive, backed by rising short-term and long-term SMAs and a bullish MACD crossover. Key resistance sits at $114,700, with support near $110,000.