Bitcoin forms an ascending triangle, signaling potential continuation if bulls can push past the $104.9K resistance.
$101,923 support remains crucial, with failure to hold possibly invalidating the bullish pattern and triggering a downside move.
Price consolidation narrows and a close above $104.9K is likely to indicate Bitcoin’s short-term path.
Bitcoin (BTC) is currently developing a significant technical structure on the hourly chart, and its price development indicates a point of inflection. At the time of writing, the Bitcoins were traded at $102,245.15 according to the data obtained from CoinMarketCap which depreciated by 1.17% over the last day. Despite the indications of short-term weakness, the broader setup can still be positive for bullish continuation should the buyers regain control at the present levels.
BTC Forms Ascending Triangle, Eyes Break Above $104.9K Resistance
According to technical analysis, the one-hour chart indicates that Bitcoin is forming an ascending triangle pattern, which is usually taken as a continuation setup. The formation includes an ascending trend line that creates consolidations on higher lows, as the price continues to test a horizontal resistance trend at $104,900 zone. This structure suggests that bulls are gradually gaining strength, although a confirmed breakout remains pending.
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A potential bounce from the ascending trendline could lead to another test of the horizontal resistance. However, for the pattern to play out as a bullish breakout, price must close decisively above $104,900. So far, multiple attempts have been rejected at that level, making it a significant barrier for further upside.
BTC Holds $101.9K Support as Tight Range Signals Breakout
On the downside, immediate support has formed around $101,923. This level has seen price interaction during previous sessions and aligns with the lower boundary of the triangle. If price action drops back below this mark, it may turn around the current bullish formation and open the asset to further downside risk.
The 24-hour range for BTC stands from $101,908 to $104,156 representing tight consolidation before a potential breakout try. Failure to defend the ascending support can result in a retreat towards $100 or even lower based on the prevailing market situation.
BTC Eyes $104.9K Breakout as Traders Await Confirmation
Market participants are expected to monitor the $104,900 level closely in the coming sessions. A protracted breakout through this level may clear the way for higher price targets, and possibly mark a return to an uptrend. In the opposite direction, further rejection at that level may hold Bitcoin in the same range, further weakening the momentum.
Until a confirmed breakout occurs, the ascending triangle remains a speculative setup. Traders and analysts remain cautious, looking for confirmation in volume and candlestick behavior before drawing firmer conclusions.
