Bitcoin is consolidating within a descending wedge just below the critical $108,000 resistance zone.
The present support level is $106,709, stopping the price from going lower as price tightens.
A breakdown over $108K–$110K will be necessary to trigger further bullish momentum and increased market risk appetite.
Bitcoin continues consolidating beneath its previously established all-time high somewhere in the neighborhood of the $108,000 price level. On the 1-hour chart, BTC/USDT on Binance has a clear contracting wedge pattern forming.
The price has remained range-bound, struggling to break past the upper resistance band while holding above localized support. At press time, Bitcoin trades around $107,061 after posting a slight 0.4% pullback.
The current 24-hour range places resistance near $107,884, with support sitting at $106,709. This setup places Bitcoin in a high-stakes holding pattern, where a directional move could take days to develop. However, this pattern remains critical as traders monitor the narrowing range for signs of continuation or reversal.
Tight Wedge Formation Creates Pressure Below Resistance
The hourly chart reflects a tightening consolidation phase with price fluctuations capped within a descending wedge structure. Since June 25, Bitcoin has moved between lower highs and higher lows, creating visible compression. The wedge’s upper boundary intersects just beneath $108,000, which coincides with the previous cycle’s all-time high. This level has repeatedly capped bullish attempts. The lower wedge boundary, meanwhile, continues to offer short-term price support, preventing deeper retracements below $106,700.
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This squeeze has led to increasingly choppy conditions, with multiple intraday swings. The volume profile during the formation reflects intermittent participation, with no clear surge from either buyers or sellers. The wedge formation’s structure suggests that a breakout in either direction could lead to a more decisive moment. Still, without an exit from the pattern, directional clarity remains limited.
Broader Range Limits Upside Without Clear Break Above $108K
Although the wedge pattern attracts technical attention, the broader range remains the dominant feature in current price behavior. The $108,000 to $110,000 zone still holds as a significant resistance area. Without a confirmed breakout above this band, price action remains restricted. The repeated failure to break through this zone has kept upward momentum capped, limiting upside progress.
Notably, price remains above the $106,709 support, which has held firm during recent intraday lows. Until BTC clears this resistance ceiling, broader upside continuation may remain paused. The consolidation beneath resistance continues to suppress stronger altcoin activity. The larger range creates friction for risk-on sentiment within the digital asset market.
Compression Persists as Bitcoin Trades Inside Capped Structure
As the wedge compresses, Bitcoin’s behavior reflects the indecision between opposing market forces. The structure is well-defined, with visible resistance and support aligning near key price levels. Trading volume continues to rotate within the range, with no confirmed directional conviction. This adds to the pattern's potential duration, as price action remains unpredictable inside the narrowing channel.
The setup, while structured, does not suggest immediate volatility until a breakout or breakdown occurs. The resistance just under $108,000 remains the immediate test level. Meanwhile, the short-term support at $106,709 provides a local floor that bulls are holding. As long as this equilibrium persists, market participants may remain cautious.
