Bitcoin is currently moving within a clear ascending channel on the 2-hour chart. After a period of consolidation inside this channel, price action has held firmly above the support zone around 104,000, which I’ve marked as the entry point. This level has acted as a key structure area during the recent pullback.
We now see bullish momentum attempting to push price toward the upper boundary of the channel. A successful breakout above this resistance zone could trigger a strong bullish leg, targeting the 111,000 mark in the short term.
Key Levels:
Entry: 104,000
Support: 100,999
Target: 111,000
The structure remains bullish as long as the price holds above the lower boundary of the channel. A break below the support zone would invalidate the setup and warrant reevaluation.
This is a clean technical setup based on channel structure and breakout potential. Let’s watch closely for confirmation of the breakout.