#BTCBreaks99K

BTC Price Analysis: Upward Wedge Formation and Bullish Outlook

Wedge Structure and Market Context

Bitcoin (BTC) is currently trading within an upward wedge pattern—typically indicative of a continuation in strong bullish trends, though it may also suggest potential momentum exhaustion if buyer strength diminishes. In this scenario, the wedge has emerged following a decisive impulsive move and is underpinned by a well-established buyer zone.

Support Base and Momentum Dynamics

Repeated bullish impulses from this key support level, along with consistent buying activity, have propelled BTC's price higher. The market structure shows strong bullish momentum prevailing, supported by a solid foundation at the current demand zone.

Breakout and Retest Confirmation

BTC recently broke through a significant resistance level, followed by a clean retest of the newly established support area. This confirmation set the stage for a robust upward rally, which aligns with the narrowing wedge formation—indicating buyers are gaining ground, while sellers are applying increasing pressure.

Current Price Action and Projection

At present, BTC is trading above $93,700 and consolidating just below the wedge’s resistance line. The narrowing geometry of the wedge suggests a potential breakout if resistance is breached. Given the strength of the preceding impulse move and the structure of the wedge, a further rally is expected.

Target Price Level

The next key target (TP1) is set at $100,000, which coincides with the upper boundary of the wedge and represents a psychologically and technically significant milestone.

Disclaimer

Trade at your own risk.