- Bitcoin trades near $109,850 within a symmetrical triangle, signaling equilibrium between buyers and sellers before a potential breakout phase begins.
- Analysts expect a retest of $107,500 support to confirm trendline strength, preserving bullish momentum toward the key $115,000 resistance zone.
- Historical Fibonacci levels suggest Bitcoin may have bottomed out, reinforcing technical signals pointing to a potential continuation of its upward trajectory.
Bitcoin is consolidating within a symmetrical triangle pattern, with analysts anticipating a possible retest of the $107,500 support before a potential breakout toward $115,000.
Market Compression Points to Neutral Sentiment
Currently, Bitcoin (BTC) is trading just above $109,850, positioned between two converging trendlines where the market structure is forming a symmetrical triangle on the 4-hour timeframe. This chart pattern is indicative of balance between buying and selling pressures, and the market is currently waiting for some type of decisive movement in either bullish or bearish ways. The ascending rising trendline near $107,500 remains an important area of support, while resistance for BTC remains capped at around $115,000.
Crypto analyst Ali_charts noted that BTC may go back to $107,500 to test the validity of the rising trendline before attempting the next move up. Note that price action in triangle structures is nothing uncommon as price compression means that price waves will expand. The structure of the triangle suggests traders will wait for confirmation before committing to the next out of the triangle.
Overall, momentum is still relatively balanced; a sign of short term consolidation within a broader bullish constructive flow. As long as $107,500 remains firm, the price may maintain a sustained balance and confidence from the market to attempt to continue from the 4-hour structure.
Resistance at $115,000 Holds as Traders Await Breakout
The horizontal resistance at $115,000 continues to limit upside momentum. According to Ali’s analysis, a breakout above this level, backed by strong volume, could open the path toward $120,000–$123,000. This target aligns with measured moves derived from the triangle’s formation.
Nonetheless, if support around $107,000 fails to hold, this could dismantle the bullish structure and leave Bitcoin open to deeper retracements in a range between $104,000 and $102,000. Price action along these critical zones will most likely give us a direction for the next trend. Traders are closely monitoring volume spikes and relative strength indicators for confirmation of breakout potential.
Market behavior within this range reflects temporary indecision, with participants waiting for confirmation of a sustained move beyond current limits. The outcome of this compression phase may dictate short-term sentiment heading into November trading sessions.
Fibonacci Level Offers Historical Context to Bitcoin’s Setup
In support of this technical picture, analyst Cas Abbé pointed out that since early 2023, Bitcoin has consistently found bottoms near the 38.2% Fibonacci retracement levels. Last month, BTC also rebounded from this level, indicating possible further base formation.
Abbé stated that if Bitcoin closes a monthly candle below the retracement, we may see an end to the bull cycle.At the same time, the historical stability of this level offers something important for traders to reference. Overall, the signs from both the symmetrical triangle and the Fibonacci retracement signal indicate that Bitcoin is still in a state of consolidation, as participants still wait to see how BTC interacts with the $107,500–$115,000 area just before the next significant move.
