Bitcoin Price Poised for Breakout Above $115,000?
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Bitcoin is currently consolidating below the $108,000 resistance level, exhibiting a compression pattern that suggests a potential breakout to $115,000. Technical analysis from crypto analyst RLinda on TradingView indicates a structural setup on the daily chart, characterized by a compression phase within the $106,500 to $108,100 range since June 25th. This follows a perceived false breakout above $100,000. The analyst describes this consolidation as a period of accumulation preceding a significant price increase. Key resistance levels to watch are $108,100, $108,900, and $110,400. A decisive break above $108,100 could propel Bitcoin towards its next resistance at $110,400 and potentially its all-time high near $111,000, ultimately leading to the $115,000 target. While a short-term pullback to $105,650 or even $104,650 is possible, RLinda views this as a potential retest before the upward movement continues. Bitcoin's price action mirrors the recent recovery in traditional risk assets like the S&P 500 and Nasdaq, following the easing of geopolitical tensions. At the time of writing, Bitcoin trades at $107,457, up 0.5% in 24 hours, setting the stage for a potential imminent breakout. The current consolidation pattern and positive market sentiment create an environment where a bullish scenario is considered increasingly probable. However, the analyst cautions that while daily and weekly candlestick charts show no immediate bearish signals, a pullback remains a possibility.
(Source: https://www.newsbtc.com/news/bitcoin/bitcoin-consolidating-below-108000-but-eyes-115000-target/)
