Bitcoin is trading within a bullish flag, with potential for a dip to the $97K–$98K zone before breakout.
A confirmed breakout above the $108K resistance is crucial for targeting the $130K midterm level.
BTC price currently sits at $106,745, showing a 1.4% daily gain, with key support at $105,030.
Bitcoin continues to trade within a well-defined bullish flag formation, according to recent 12-hour chart analysis. The structure, commonly associated with continuation patterns, has kept the BTC price fluctuating between parallel trend lines.
At press time, Bitcoin trades at approximately $106,745 after posting a 1.4% increase in the last 24 hours. Market data also shows a 24-hour range between $105,030 and $106,935, with clear support and resistance levels forming at those points. Analysts tracking the structure now anticipate a possible short-term dip before any significant upward movement resumes.
Price Action Hints at One More Correction
Despite the current uptrend, traders remain watchful of a likely retest of the lower boundary. Technical analysis suggests Bitcoin could dip further toward the $97,000 to $98,000 range before attempting a recovery. The price continues to follow the lower line of the channel, which has repeatedly served as dynamic support during recent sessions.
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This potential correction remains within the boundaries of the flag pattern. However, bulls must maintain control above the lower channel to avoid invalidating the formation. Any further breakdown below $97,000 may call for re-evaluation of near-term targets. Until then, short-term volatility is expected as the market tests these critical levels.
108K Resistance Key to Breakout Confirmation
For the bullish flag to complete its expected breakout, Bitcoin must push decisively above the $108,000 resistance. That level has repeatedly acted as a ceiling during the current formation, preventing any clean breakout to the upside. A strong close above that point would confirm the pattern and shift focus toward higher midterm targets.
Failure to break through $108,000 would likely keep the asset trapped within the range. Until then, the price may continue bouncing between trend lines while momentum builds. Traders are monitoring volume alongside price movement as breakout confirmation requires sustained buying pressure.
Midterm Outlook Points to $130K on Breakout
Once a clean breakout above $108,000 occurs, the midterm price projection moves toward the $130,000 level. This target is based on the measured move commonly associated with flag patterns. Analysts have highlighted the importance of structure, momentum, and breakout confirmation in reaching that zone.
BTC’s movement within this channel remains tightly controlled. Until the breakout is confirmed, market participants will likely focus on support around $97,000 and resistance at $108,000. The next sessions will provide clarity as Bitcoin continues testing both levels.
