Bitcoin is testing the top edge of a rising channel that has guided price for over 520 days.
The chart shows BTC near $108K with signs of repeating its previous breakout that led to $100K.
If Bitcoin holds above the upper zone it could begin a fresh rally targeting the $120K range this quarter.
Bitcoin is testing the top of its multi-month ascending channel near $108,000, which could trigger a breakout toward $120,000. A chart posted on June 26, 2025, reveals a structure resembling the 2020–2021 cycle, with clear support and resistance zones. Traders now watch for confirmation of a breakout or rejection within this rising channel pattern.
Source: X BTC Holds Key Structure as Parabolic Path Reappears
Bitcoin’s price has steadily climbed from the $49,000 support zone shown at the chart’s bottom, now reaching $107,544. The current level aligns with the channel’s upper edge, marked by a long-standing resistance line. Technical analysts note that this is a repeat structure of the late 2020 and early 2021 cycle pump.
The orange upward sloping channel frames this rising trend. Inside it, two historical cup-and-handle patterns appear, each followed by major rallies. The price also moved within a descending wedge after its last high near $100K, indicating correction and consolidation.
A recent breakout from the wedge and return to higher lows signal renewed momentum. Bitcoin’s Relative Strength Index (RSI) reads 56.77, suggesting moderate strength and potential for further upward movement. If momentum holds, BTC could break the $108K resistance and aim for the $120K level indicated on the chart.
Key Levels Show Resistance at $108K and Target at $120K
The chart’s structure shows several key zones: the lower support at $49,171.99, the mid-channel region near $100K, and the top at $120K. Price behavior at the top resistance line will decide the short-term trend. A confirmed break above this range may accelerate upward movement.
Analysts observe that this channel has guided price action for over 524 days. The upper boundary has previously rejected price attempts but now sees renewed pressure from buyers. This retest aligns with a significant historical pattern marked as the “Pre Pump Correction.”
The white projected path from the current price area suggests a possible parabolic move if the resistance flips into support. The green arrows point to a bullish continuation, while the “?” label introduces the scenario of rejection. Market watchers now await volume confirmation for any decisive shift.
Will Bitcoin Flip the Channel Top Into Support?
Traders ask a key question: Can Bitcoin break above $108K and turn the channel ceiling into long-term support?
Past behavior around these zones shows Bitcoin tends to make large moves when testing multi-year resistance. If BTC clears this level, the projected $120K target could be reached within weeks. The chart also reflects similarities to late 2020 when Bitcoin broke out and surged past all-time highs.
This scenario plays out as global liquidity expands, and institutional flows grow. The chart’s lower support has held since 2023, adding weight to this trend. Should the breakout occur, this structure may define the next major leg in Bitcoin’s price journey.
