#BTCBreaksATH110K BTCUSDT - Can Bitcoin push past 109k in this rising channel?

Bitcoin has been trading within a clearly defined upward channel since the beginning of April.

$BTC

BTC

111,721.01

+1.62%

This rising channel is characterized by three touchpoints on both the upper and lower trendlines, indicating a consistent pattern of price movement within these boundaries.

Approaching key resistance:

Currently, BTC is approaching a critical resistance level near the 109,000 mark, which coincides with its previous all-time high.

This level represents a significant psychological and technical barrier, as it was the peak of the last major bull cycle. The price is now testing this resistance while still remaining within the rising channel.

The confluence of the upper channel resistance and the historical all-time high makes this a decisive moment for Bitcoin's price action.

Bullish breakout:

A rejection from this resistance zone could lead to a temporary pullback, potentially towards the lower boundary of the rising channel. This would not necessarily signal the end of the bullish trend, but rather a healthy consolidation within the established structure.

However, a confirmed breakout above the 109,000 level, especially if supported by strong volume and bullish momentum, would likely signal a significant shift in market dynamics.

Such a breakout would validate the strength of the current uptrend and could open the door for new all-time highs. In that scenario, the 109,000 level would likely flip from resistance to support, becoming a crucial area for bulls to defend on any future retests.

Bearish breakout:

On the downside, traders should also be aware of the implications of a breakdown below the rising channel. The lower boundary of the channel, currently located around 104,000, is an important technical level to watch. A decisive break below this level could indicate a loss of short-term bullish momentum and may trigger a deeper retracement.

In such a case, BTC would likely target the imbalance zone between 97,500 and 100,500, a region where price moved rapidly