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Bitcoin (BTCUSD) has initiated a new bullish impulse following a key short-term low established in late June. According to technical analysis based on Elliott Wave theory, the cryptocurrency completed its initial wave 1 advance at $66,990 before experiencing a corrective wave 2 pullback to $62,214.75. Upward momentum has since resumed, signaling that a stronger third wave may be underway to drive higher price targets. This technical structure is critical for market participants who track momentum and pattern completion. Wave 3 in Elliott Wave theory is typically the most aggressive and extended phase of a rally. If Bitcoin holds above key support levels, the current pattern suggests sustained buying interest, attracting breakout traders and institutional investors who rely on technical confirmations. Traders will be closely watching whether Bitcoin can maintain its current trajectory and clear immediate resistance levels. A failure to hold above the recent swing lows could invalidate the impulsive wave count, while continued strength will likely reinforce broader crypto market sentiment and spur gains across altcoins.
