Is Bitcoin Ready to Break Out? Key Level to Watch Now
Bitcoin is moving closer to a major resistance zone, with the price building pressure near $110,800.
A possible ascending triangle pattern is forming, which could signal a continuation if confirmed.
Bitcoin Builds Structure Near Resistance
The daily chart shared by Rekt Capital shows a rising trendline with flat resistance around $110,800. This setup suggests a potential ascending triangle — a common pattern that often leads to upward movement. The asset has made several higher lows, which indicates steady demand.
Source: Rekt Capital/X
According to the analyst,
Support is holding around $107,000. Above the triangle, resistance stands at $114,420, and the previous peak at $123,500. Bitcoin is also hovering near the 21-week EMA, which is around $111,000. Reclaiming that level could support further upside.
Price Sits Between Key Valuation Levels
According to Gandalfcrypto, Bitcoin is trading about 10% above what he describes as the non-bubble fair value of $99,900. They added,
For now, the market remains within range, with no signs of extreme price behavior.
Liquidity data from Ted shows that Bitcoin has clusters both above and below the current level. The $104,000–$106,000 area may attract the price if momentum stalls. As CryptoPotato recently reported, BTC is also trading below the short-term holder realized price of $113,250, while long-term holders have an average cost basis near $36,910.
Meanwhile, Bitcoin’s next move may also be influenced by broader factors. These include the US government reopening and upcoming talks between US and Chinese officials on trade tariffs. Until a clear move above or below the current range, traders are staying alert.
The US CPI data is also scheduled to be released today for September. It’s anticipated to be higher than the previous month, which could trigger immediate volatility. However, the US Federal Reserve is still likely to cut the interest rates next week, which could boost BTC.
The post Is Bitcoin Ready to Break Out? Key Level to Watch Now appeared first on CryptoPotato.
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