Bitcoin recently achieved a significant milestone by surpassing the $110,000 mark, signaling a potential bullish trend in the cryptocurrency market. Technical analysis points to continued upward momentum, while on-chain data and short-term market factors suggest areas requiring caution for traders. A textbook double bottom pattern emerged over the weekend, leading to a weekly close above its crucial 50-week moving average. This suggests growing investor confidence. While this bullish signal could propel prices towards $110,000 if momentum persists, on-chain data and market factors suggest potential obstacles. A pending CME gap near $104,000 may lead to short-term retracement before further gains.