- Bitcoin consolidates in a descending broadening wedge, signaling a possible breakout ahead.
- Key support near $98,340 must hold for BTC to maintain its short-term bullish market structure.
- Analysts project a potential upside move toward $115K if momentum confirms a breakout soon.
Bitcoin (BTC) is consolidating inside a descending broadening wedge pattern on the two-hour timeframe, suggesting a potential setup for an upward breakout. The price has shown resilience after rebounding from lows near $97,000 and is now trading close to $102,024. Analysts expect a breakout toward the $115,000 region if the current structure holds.
BTC Price Structure and Short-Term Pattern Formation
Bitcoin’s market structure shows a descending broadening wedge with a series of lower highs and lower lows, according to analysis prepared by Captain Faibik. The cryptocurrency has been trading in a specific horizontal band with support at around $97,500 and resistance at around $104,000. The pattern remains active as BTC continues to trade steadily within this zone.
Price action indicates repeated tests of the upper trendline without a confirmed breakout. Market chart data indicates that the trading volumes have remained consistent implying equitable participation of buyers and sellers.
The narrowing distance between swing highs and lows reflects ongoing accumulation, which typically precedes a directional move. According to analysts, should the wedge structure prevail, BTC may see an upside breakout in the coming week, which could lead the price to go as high as $115,000. This target matches the upper limit of the existing trend, which is commonly considered as a possible reversal point of the asset.
Key Support Levels and Short-Term Outlook
According to an observation by Ali Charts, three key Bitcoin support levels to watch are $98,340, $75,475, and $55,980, based on pricing bands. Maintaining stability above the first level is seen as vital for preserving the short-term bullish structure.
The two-hour chart also displays consolidation beneath the descending resistance line, with volume stability indicating market accumulation. An established action above the upper limit may confirm the breakout scenario and lead to the further upward movement.
At the time of writing, Bitcoin traded at $102,024, continuing to consolidate within the descending broadening wedge. In case the market environment is stable, and the momentum gains force, analysts expect that the breakout may be observed in the future, to the territory of the $115,000 mark within the following sessions.
