$BTC Bitcoin has broken out of a technical formation that may place it on track toward a decisive test zone between $96,200 and $102,100. If confirmed in the coming days, the movement would represent a major price development in Bitcoin’s ongoing market structure. A crypto analyst highlighted this zone as one where Bitcoin’s trajectory could either extend to new highs or face its next rejection.

Descending Broadening Wedge Breakout Clears Path To $100,000 Again

Bitcoin’s price action in the past 24 hours is highlighted by a return to $85,000 as buying pressure started to creep in. Interestingly, this buying pressure has broken out above the upper trendline of a descending broadening wedge formation. This pattern is typically considered a reversal signal, and its breakout implies strong upward continuation if validated.

The breakout of the formation was noted in an analysis posted on social media platform X by crypto analyst Titan of Crypto. Notably, the price chart shared by the analyst shows that the wedge formation has been taking place in the daily candlestick timeframe over the past three months. The wedge began forming after Bitcoin’s peak above $108,000 in late January and gradually widened.

At the time of the analysis, Bitcoin’s price had already made two daily candlestick closes above the upper trendline of the broadening wedge. According to the analyst, the breakout will most likely be confirmed this week. If confirmed, this will open up the stage for a run above the $100,000 price level again or at least $96,200.