Bitcoin’s inverted head and shoulders pattern signals a possible breakout above $113,000.
On-Balance Volume continues to rise, indicating sustained buying pressure during BTC consolidation.
Key support at $100,000 holds strong, with $106,000 identified as the next resistance to watch.
Bitcoin is displaying a well-known technical pattern that may suggest the start of a large upward move. The cryptocurrency is forming an inverted head and shoulders structure, with the neckline marked at $113,000. If the price breaks this neckline, analysts say a target between $130,000 and $140,000 could be reached in the next market phase. At the time of writing, BTC is trading at $103,994.14.
Inverted Head and Shoulders Formation Suggests Bullish Setup
According to Merlijn The Trader, Bitcoin is currently forming a textbook inverted head and shoulders pattern. He noted that the left shoulder has already formed, the head is complete, and the right shoulder is in progress. The neckline at $113,000 remains the critical level to confirm this bullish setup.
https://twitter.com/MerlijnTrader/status/1934974311908929944
A breakout above this level may trigger a move toward $140,000. Cas Abbe also pointed to growing strength in Bitcoin’s On-Balance Volume (OBV). “$BTC price is consolidating, but OBV is still making higher highs,” he stated. This trend in OBV often indicates buying pressure, which could support a breakout.
Historical data from Jip Molenaar shows that Bitcoin’s monthly pivots tend to occur early in the month. The first pivot for June occurred on the 5th, and the second on the 9th. This pattern has had a 98.3% success rate in predicting price direction within the month.
Key Support Levels Hold as Buying Volume Rises
The $100,000 support level continues to hold. Bitcoin has remained above this level since May 8, showing buyer strength during pullbacks. Analyst Michael van de Poppe observed that BTC may revisit the $100,000–$103,000 area, but he considered a move below $100,000 less likely.
Several analysts, including CrypNuevo, noted that $106,000 is the next key level. If Bitcoin closes above this, it may attract more buyers. CoinGlass data also shows liquidation clusters building between $106,500 and $110,000, with ask orders suggesting rising interest.
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