Bitcoin’s Symmetrical Triangle Hints at a Major Breakout, Will It Hit $110K?

• Bitcoin’s symmetrical triangle signals an imminent breakout, with $100K resistance and $94K support defining the next move.
• A 4-hour breakout hints at bullish momentum, supported by the Ichimoku Cloud and key moving averages boosting buyer confidence.
• Sustained momentum could push Bitcoin toward $110K, but a failed breakout may lead to a retest of lower trendlines.

Analyst Rekt capital shows Bitcoin trading within a symmetrical triangle with strong consolidation. The price is hovering around $97,751.07, maintaining a series of higher lows. A breakout could determine the next major move. Resistance remains at $100,000, while support is near $94,000.

Bitcoin’s Symmetrical Triangle Indicates Impending Breakout

The price is in a symmetrical triangle in the weekly timeframe, where the upper trendline joins the lower highs and the lower trendline at higher lows. This price action keeps compressing within these two convergent lines sign of a breakout sooner or later.

The price recently rejected resistance and support multiple times. This suggests strong consolidation, with market participants awaiting a decisive move. Besides, long wicks on candlesticks confirm strong buying and selling pressure at key levels.

A breakout above $100,000 could trigger bullish momentum toward $110,000. Conversely, a drop below $94,000 may push Bitcoin down to $90,000. Volume increase remains crucial in confirming the direction of the breakout.

Short-Term Trends Show Bullish Signs

Crypto Analyst Crypto Express shows the price of Bitcoin breaking out of a symmetrical triangle in the 4-hour timeframe. The price climbed above the upper trendline, signaling a potential bullish continuation. Additionally, Bitcoin is now attempting to break through the Ichimoku Cloud. The 21-day moving average serves as support, reinforcing bullish momentum.

Before the breakout, price movements showed consolidation within narrowing trendlines. Buyers gradually gained control, leading to a decisive breakout candle. This move reflects increased market confidence. Moreover, price action remains above key moving averages, suggesting continued upward momentum.

Bitcoin currently trades at $98,266.66, showing a daily increase of 0.68%. The highest recorded price within the session is $98,300.00, while the lowest stands at $97,558.99. The price remains stable above crucial support levels, signaling potential upside continuation.

If Bitcoin sustains momentum, the next resistance zone could align with psychological price levels or previous highs. A failed breakout may lead to a retest of the broken trendline before another attempt to move higher.