The breakout from a falling wedge with Bitcoin suggests a possible price rise toward $106,500.
Breaking above the latest highs around $104,636 will prevent more bearish activity.
If bulls succeed in pushing Bitcoin above $106,500, it may result in a return to the $108,300 level.
Bitcoin (BTC) has shown early signs of a possible bullish breakout, following the formation of a falling wedge on the 15-minute chart. This pattern, typically regarded as a potential reversal signal, has led analysts to suggest that BTC may attempt a short-term move above key resistance levels. As of the latest hourly session, Bitcoin was trading near $105,224, up roughly 0.17%, showing a slight rebound after recent price stagnation.
Technical Setup Hints at Upside Attempt
A descending wedge pattern was forming on the chart and BTC has now broken out of it which is typically related to upward movement. Prices are moving closer together and then going higher which points to less selling and greater likelihood of a rise. The price of Bitcoin is now nearing a resistance zone at $106,500 which matches old supply zones.
https://twitter.com/AMCryptoAlex/status/1930489151042044289
Experts are monitoring the region from $106,500 closely. According to the market participants, if Bitcoin can get its price above $99,700, it could be a catalyst for moving back toward the $108,300 resistance. This would indicate a healthy bounce back from the recent lows of trading.
Price Levels in Focus: Support and Resistance Zones
The immediate support level stands near $104,636, slightly below the current market price. A failure to maintain this support could reopen downside risk toward the $102,681 level, the next major area of demand. On the upside, key resistance levels are observed at $105,910 and $108,279, with a longer-term target near $109,453 if bullish momentum persists.
So far, BTC has struggled to hold a stable range since early June. However, current indicators—alongside the wedge breakout—are creating a cautiously optimistic tone among technical analysts.
Market Sentiment and Short-Term Outlook
BTC has seen a recent price drop of 0.7%, but overall it is still holding within a consensus pattern. It seems there is no clear decision in the market from the recent trading, but if $106,500 becomes support, the technicals may point to a move above that level. For now, traders are uncertain and some prefer to wait to see if the price will quickly revisit the breakout point before there is a major increase.
If bullish pressure continues to rise, taking out the $108,300 range may be the beginning of a stronger uptrend. In the meantime, traders seem to be interested in confirmation of volume and sustainment over resistance before anticipating any larger breakout potential.
Finally, although the current configuration creates a potential upside bias, Bitcoin's return to key resistance levels will be pivotal in confirming this move. Short-term momentum is being established, but the market still needs confirmation.
