Bitcoin has entered a phase of tight consolidation following a strong upward move earlier this month. As shown in the chart, price action has formed a symmetrical triangle pattern—a classic sign of market indecision that often precedes a significant breakout.
Technical Outlook
Over the past several days, BTC has been trading within converging trendlines, forming higher lows while facing resistance near the same horizontal level. This structure typically reflects accumulating pressure, suggesting that a decisive move is near.
The breakout zone is highlighted near the intersection of the support and resistance lines. Given the strong bullish momentum preceding this consolidation, the probability leans toward an upward breakout. The setup could push Bitcoin to revisit previous highs or even print new ones, with potential short-term targets between $107,000 and $113,000 if volume confirms the move.
Key Levels to Watch
Support: Around $101,000
Resistance: Near $104,000
Breakout Target: $107,000 - $113,000 (pending confirmation)
Final Thoughts
Market participants should monitor the breakout point closely, as a confirmed move outside of the triangle will likely set the tone for the coming days. With increasing interest and a bullish macro backdrop, Bitcoin appears poised for its next major move.
