Bitcoin trades inside a symmetrical triangle, with $105,951 as resistance and $104,004 providing support.
The 21-day moving average caps price action, while the 50-day moving average reinforces the lower trendline.
A breakout or breakdown near the triangle’s apex may determine Bitcoin’s next directional move.
Bitcoin has now been trading in a tightening symmetrical triangle pattern, which has kept its shape over an ascending support trendline. The market activity of the cryptocurrency is limited by the converging resistance and support lines, and the daily volatility remains largely within limits.
In the last trading session, Bitcoin stood at $104,568.89, a small 0.09% intraday decline. Conversely, the broader price framework has it at the 24-hour high of $104,820.00 and the low of $104,391.38. The range is watched closely by observers as structural tension increases at the top of the triangle.
Key Moving Averages Guide Price Movement
The 21-day moving average is currently capping upward progress. This technical barrier continues to reject price attempts to move higher. Positioned just above Bitcoin's price, this short-term average reflects immediate resistance within the pattern.
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On the downside, the 50-day moving average is providing underlying support. It is resting very near the uptrend line of the triangle, supporting this vital support level. This technical convergence is assisting in creating tighter price action. Bitcoin’s recent attempts to rally have repeatedly stalled at the 21MA, while dips have been absorbed above the 50MA.
Breakout or Breakdown Remains Likely
As the symmetrical triangle compresses further, breakout potential increases. A close above the 21-day average could open the way for upside movement. Currently, resistance is observed around $105,951, which traders are monitoring for confirmation of any bullish extension.
However, downward pressure also persists. A break below the support trendline may prompt a correction. The nearest support level is around $104,004. If breached, sellers may gain control, pulling the asset below key structural levels.
Price Levels Define Short-Term Outlook
Bitcoin’s immediate technical posture reflects consolidation. The support at $104,004 continues to anchor price action, while $105,951 limits gains. These levels are shaping the short-term view as the asset nears the triangle’s apex.
Traders are preparing for a decisive move, although confirmation remains pending. Daily candles remain tightly packed within the pattern. Until a breakout or breakdown occurs, price action is expected to remain bounded between moving averages and structure lines.
