$BTC surged early last week, hitting the $120K–$123K range before getting rejected near the 78.6% fib extension. Since then, it’s formed a symmetrical triangle on the 4H chart, a classic consolidation pattern before large breakout moves.

Technicals to watch

Measured move (UP): $126,000

Measured move (DOWN): $110,000

Reclaim needed: All-time high at $122,960

CME gap: $114.4K–$115.6K

High-volume node: ~61.8% fib, overlaps with $110K–$111K

Anchored VWAP from June lows aligns with $110K support

If $BTC price breaks out upward

It’s not enough to just pierce the ATH, it must hold above $122,960 with strength to avoid another fakeout.

If $BTC price breaks downward

The most logical path is: Fill the CME gap.

Drop into the 110K–111K area, where strong historical support and volume structure sit in confluence with the anchored VWAP.

A retest and hold of $110K could actually be bullish in. the mid-term, setting up the next leg.

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