Bitcoin confirms a falling wedge breakout, with targets set between $107.5K and $109.5K.
Support holds at $105.4K–$105.7K, while traders monitor volume for a potential retest entry.
Open Interest spikes and negative funding suggest bullish bias amid strong institutional backing.
After consolidating within a narrowing range, Bitcoin has broken out of a falling wedge pattern on the 4-hour chart, which is a well-known bullish reversal structure. The move signals strength in the current trend and opens the door to the target zone between $107,500 and $109,500. A retest of the breakout zone remains possible but is not confirmed. The current price is $107,117.78.
Technical Pattern Confirms Reversal, Price Holds Above Key Support
According to analysis prepared by BitBull via X, Bitcoin CME Futures are showing a familiar pattern that preceded a strong rally during the last cycle. The breakout aligns with a broader trend, supported by higher lows since the bounce off $100,400. On the 4-hour timeframe, this move establishes a reversal structure, with diagonal resistance now acting as support.
Support is now seen between $105,400 and $105,700, with immediate resistance near $107,000. If volume expands, the breakout could extend into the $108,000–$109,500 range. However, traders are watching for a possible retest of the breakout zone.
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That level remains technically valid and could offer entries in case of low-volume rejection. Funding rates remain negative, which often favors bulls in the short term due to potential short liquidations. Liquidity clusters near $110,000 suggest higher targets are still active if momentum builds.
On-Chain and Market Signals Suggest Momentum Is Still Building
According to an observation by Daan Crypto, current price strength above $107,000 is notable, but short-term caution is advised due to rapid Open Interest growth. He noted that clearing this buildup may be needed before another strong leg higher begins.
On-chain data continues to show that long-term holders are not distributing, while institutional adoption grows. Over 80 public companies now hold Bitcoin, and U.S. Treasury reserves near 200,000 BTC support broader market confidence.
With stable macro indicators and an active liquidity zone above, Bitcoin’s structure supports the case for continued movement toward the $109,500 target.
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