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Bitcoin’s price action was relatively stable in recent days, Currently trades slightly above USD 107,000 after briefly touching previous ups Nearly $ 108,000.
In this background convincing Structural configuration created on the daily Bitcoin table. The analysis shows that Bitcoin is in the compression phase, which may soon precede a breakthrough of up to USD 115,000.
Compression structure forming below USD 108,000
The Bitcoin price price is currently in line with movements in established risk resources, such as S&P 500 and NASDAQ, which they recovered Recent deester Geopolitical tensions in the Middle East. Against this background, the Crypto Rlield analyst shared a commercial perspective, which emphasizes the structural configuration forming on the chart D1 and predicts a breakthrough to even USD 115,000, if certain resistance levels are cleaned.
According to Rlield, Bitcoin is in the middle of the compression phase just below the resistance level 108 100 USD. This is due to what the analyst describes as a false breakthrough above 100,000 USD, which led to a miniature schedule, and now an vigorous accumulation zone. The daily chart shows the price effect gradually tightening in the range from 106,500 to 108 100 USD from June 25, whose being, whose analyst called a pause to stop from the possible continuation of growth.
The current configuration has already established well -defined boundaries, with the support of 106,500 USD and USD 108 100 USD as immediate resistance. Breaking above this direct resistance would pave the way for the next resistance of around 110 400 USD and bring Bitcoin at a distance that strives in relation to the highest level of USD 111,000. On the other hand, miniature -term withdrawal in the direction of USD 105,650 is still possible before moving up.
Bitcoin price levels to watch
Bitcoin price price is really pressing at it Resistance level around USD 108,000 and is Building a breakthrough When the price level subsides. Key levels for monitoring are arranged in a pile of around USD 108,100, USD 108,900 and USD 110 400. As long as the structure from 106,500 to 108 USD Holds, and the price of Bitcoin is sticky at the top of this zone, the groundbreaking scenario is becoming more and more likely.
Although there are currently no reason to decrease the daily and weekly candlestick charts, the analyst noticed that the momentary withdrawal of up to USD 105,650, and even USD 104,650 cannot be ruled out. However, even such withdrawal would probably only serve as again, but it would still maintain intact configuration.
At the time of writing, Bitcoin trades for USD 107,457, which is an augment of 0.5% in the last 24 hours. The trigger is still $ 108 100. If it is broken, Bitcoin can easily move to up-to-date maxima about USD 115,000.
A distinguished picture from Unsplash, TradingView chart
