Bitcoin continues to trade within a rising triangle, forming key support levels and awaiting significant market changes.
Triangle Formation Near $103K
According to crypto analyst Astronomer, Bitcoin is consolidating into a symmetrical triangle pattern, indicating a crucial period of price compression. As of now, BTC is trading at $102,979.20 on Binance’s perpetual contracts. It recorded a session high of $103,458.60 and a low of $102,851.50. This consolidating structure emerged following a strong rally that began on May 7, pushing the price from around $96,000 to nearly $103,000.
Support and Market Resilience
Bitcoin's broader structure remains bullish as it forms consistent higher lows. The altcoin market is showing negative dynamics, which strengthens Bitcoin’s position as the leading asset. Key support levels are continuing to hold, with the $95,600 level serving as the bottom of the main consolidation zone, and the $99,000 and $103,000 levels having historical significance.
Volatility Expected in the Coming Days
The projected line suggests a short-term dip to $101,000 before a strong rally towards $107,100, aligning with technical expectations from a symmetrical triangle breakout. However, caution prevails due to inconsistent trader behavior and visible market indecision. Increasing transparency from traders may signal potential traps ahead.
Bitcoin's overall bullish structure and the current triangular formation suggest potential volatility in the coming days. Traders are expected to exercise patience before possible sharp movements.
