- Bitcoin tests the $107,500 support after a failed breakout at $113,000, with bulls defending a key structural level from April.
- A textbook bullish ABCD harmonic pattern suggests potential upside, with $110,000 and $114,000 marked as breakout targets.
- Analysts say a weekly close below $107,500 may trigger a drop to $95,000, a level that acted as April’s demand zone.
Bitcoin’s current price action approaches a decisive moment, with structural support and bullish patterns in focus. Analysts identify the $107,500 and $104,900 regions as key zones for confirmation or rejection.
Source: Post on X
In the shared analysis by Titan of Crypto, Bitcoin’s weekly candle formation is signaling high-stakes price action. A large bearish candle formed after BTC failed to break above $113,000, reinforcing that zone’s role as a dynamic resistance. That level aligns with a long-term trendline dating back to November 2021, which has repeatedly capped upside attempts. The pullback now tests $107,500 support, previously a major resistance level reclaimed during April’s surge.
In the analysis, a failed continuation pattern formed following a five-week rally from mid-April to May. The weekly chart now shows potential for either a breakout or correction, hinging on whether BTC closes above or below $107,500. A bounce from this level could target $120,000, while a breakdown may expose $95,000 as the next demand zone. According to the analyst, the structure remains bullish unless the current range fails to hold in upcoming sessions.
Bullish Harmonic Pattern Signals Upside Potential
A secondary analysis highlights a bullish pattern forming on the 4-hour chart, offering another perspective. According to market analyst Shelby, Bitcoin has completed a textbook ABCD harmonic formation from $94,900 to $104,953. The move respects Fibonacci symmetry, with point B at a 0.553 retracement and point C projecting 0.767 of the AB leg. This harmonic structure is supported by a rising trendline, suggesting strong buyer interest near $104,900.
Source: Post on X
Analysts suggest that if Bitcoin holds this support, a breakout toward $110,000 and possibly $114,000 is likely. The pattern’s accuracy reinforces its validity, especially with compressed volatility forming an ascending triangle. While volume is absent, the chart’s geometry indicates diminishing sell pressure at lower levels.
Additional Observations Highlight Broader Market Sentiment
Market Experts observed that April closed with a bullish hammer candle, following a support-resistance flip. This monthly signal strengthens the bullish narrative, with $120,000 cited as a major upside focus.
Analysts are watching whether $107,500 will hold into the next close. A failure here could shift momentum back to the bears. They emphasize that if bullish momentum fades, the $95,000 level remains a likely fallback target.
