Bitcoin Consolidating Below $108,000 But Eyes $115,000 Target

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Bitcoin’s price action has been relatively stable in recent days,currently trading just above $107,000 after briefly touching previous highsnear $108,000. 

Amid this backdrop, technical analysis from a popular crypto analyst on the TradingView platform outlined a compellingstructural setup forming on Bitcoin’s daily chart. The analysis shows that Bitcoin’s action is in a compression phase that could precede a breakout to $115,000 very soon. Related Reading Stablecoin Skepticism Grows As IMF Official Challenges Their Money Role 1 day ago Compression Structure Forming Below $108,000 Resistance

Bitcoin’s price action is currently following movements in traditional risk assets like the S&P 500 and Nasdaq, both of which have recovered following the recent de-escalation ofgeopolitical tensions in the Middle East. Against this backdrop, crypto analyst RLinda shared an outlook on TradingView that highlights a structural setup forming on the D1 chart and predicts a breakout to as high as $115,000 if some resistance levels are cleared. 

According to RLinda, Bitcoin is in the middle of a compression phase just below the $108,100 resistance level. This follows what the analyst describes as a false breakout above $100,000, which led to a brief distribution and now an active accumulation zone. The daily chart shows price action gradually tightening within the $106,500 to $108,100 range since June 25, the essence of which the analyst called a pause for a breather before a possible continuation of growth.  BTCUSD currently trading at $108,505. Chart: TradingView

The current setup has already established well-defined boundaries, with support at $106,500 and $108,100 as immediate resistance. A breakout above this immediate resistance would pave the way for the next resistance around $110,400 and bring Bitcoin within striking distance of its all-time high at $111,000. On the other hand, a short-term pullback toward $105,650 is still possible before a new move to the upside.

Bitcoin Price Levels To Watch

Bitcoin’s price action is really pressing on thisresistance level around $108,000 and is building momentum for a breakoutonce the price level gives way. The key resistance levels to monitor are stacked around $108,100, $108,900, and $110,400. As long as the structure between $106,500 and $108,100 holds, and Bitcoin’s price is sticky near the top of that zone, the breakout scenario becomes increasingly probable.

Although there are currently no reasons for a decline on the daily and weekly candlestick charts, the analyst noted that a temporary pullback to $105,650 or even $104,650 cannot be ruled out.However, even such a pullback would likely only serve as a retest but still keep the broader setup intact.  Related Reading The $100K Mirage: Bitcoin’s Rally Not Backed By On-Chain Strength 1 day ago

At the time of writing, Bitcoin is trading at $107,457, up by 0.5% in the past 24 hours. The breakout trigger is still at $108,100. If broken, Bitcoin could easily move to new highs around $115,000. 

Featured image from Unsplash, chart from TradingView