- Bitcoin trades near the apex of an ascending triangle with bulls eyeing a breakout above $107.5K to trigger a rally toward $117K.
- Support between $104K and $105K remains critical as a drop below $103.5K could shift momentum sharply in favor of bearish pressure.
- Triangle compression and declining volume signal an imminent move as traders await confirmation of breakout or breakdown direction.
Bitcoin (BTC) approaches a pivotal moment this week as bulls aim to reclaim critical resistance levels, according to Captain Faibik. Trading at $104,432.77, BTC remains inside an ascending triangle formation that has shaped price action from early May to June. This structure signals a tightening battle between buyers and sellers. The decision point draws near as volatility compresses toward the pattern’s apex.
Throughout May, Bitcoin established a strong bullish foundation, starting near $93,000 and forming consistent higher lows. This trend reflects steady buying interest as bulls defended against deeper pullbacks. However, resistance between $108,000 and $112,000 has proven tough. BTC failed several times to break above this ceiling despite mid-May’s rally to $112,000.
Triangle Pattern Signals Imminent Move
The ascending triangle shows clearly defined boundaries. The upper resistance connects rejection points near $112,000. Meanwhile, the rising support line links key bounce zones. This configuration usually precedes breakout moves. Volume has gradually declined over the consolidation period, confirming classic triangle behavior.
Source: Captain Faibik
Bitcoin now trades near the apex where support and resistance converge. Hence, a breakout appears imminent. Captain Faibik suggests a bullish scenario could unfold if BTC clears the $107,500 resistance with conviction. Such a move may trigger a leg toward $117,000. This target stems from triangle measurement techniques applied to the current formation.
Key Levels to Watch
Support remains anchored at $104,000 to $105,000. Buyers previously stepped in strongly at these levels. Consequently, a breakdown below $103,500 could favor bears and shift momentum downward. Besides, price action around these zones will likely determine short-term trend direction.
Captain Faibik believes a decisive move above $107,500 could reinvigorate bullish sentiment. On the flip side, failure to hold support may reverse the trend. Hence, traders should stay alert as BTC nears a breakout or breakdown point. Additionally, market timing suggests resolution may arrive in the next few sessions. The setup offers a compelling risk-reward scenario for technical traders.
