Bitcoin is forming an ascending triangle on the daily chart, indicating a potential continuation of the bullish trend. The price holds support along the ascending trendline, with investors continuing to buy. If the support holds, Bitcoin could again reach the horizontal resistance zone at $108,000.
Price Action and Technical Structure
Technical analysis expert Mags has noted Bitcoin's movement within an ascending triangle pattern, indicating an ongoing uptrend. Resistance is observed near $108,000, while support is around $97,917. The ascending trendline confirms higher lows, reflecting bullish market sentiment.
Breakout Potential and Market Implications
A breakout above resistance may propel Bitcoin toward higher levels. The smaller inset explains the ascending triangle formation, emphasizing the potential for further price gains. This pattern suggests a continuation of the uptrend, with structural support at key levels.
Market and Investor Implications
The upward-sloping trendline has provided a firm base for BTC's price, preventing downward trends. Each test of the movement has seen buyers re-enter the market, backing the support level. If Bitcoin sustains its current position, a retest of the resistance zone remains likely. The horizontal resistance area at $108,000 has limited upward movements in recent attempts, making it a critical level to monitor.
A confirmed breakout above the $108,000 resistance level could open the door for further gains. The ascending triangle pattern typically signals continuation, increasing the probability of an upward move if buyers gain control. Volume activity will play a key role in confirming the breakout, as higher trading volumes would support sustained price appreciation.
