Bitcoin Holds Steady Under $108K—But $115K Breakout Looms

Bitcoin's playing the waiting game—consolidating below $108,000 like a coiled spring. Traders are eyeing that $115,000 target like Wall Street eyes a bailout.

The Setup:

Price action's tighter than a hedge fund's risk management—when it snaps, expect fireworks. The $108K resistance isn't just a number; it's the line between 'hodl' and 'FOMO.'

The Target:

$115K isn't just a psychological milestone—it's the next liquidity magnet. Watch for leverage traders to pile in like it's 2021 all over again (minus the Celsius meltdowns, hopefully).

The Jab:

Meanwhile, traditional finance is still trying to tokenize real estate on a private blockchain. Priorities, people.

Compression Structure Forming Below $108,000 Resistance

Bitcoin’s price action is currently following movements in traditional risk assets like the S&P 500 and Nasdaq, both of which have recovered following the recent de-escalation of geopolitical tensions in the Middle East. Against this backdrop, crypto analyst RLinda shared an outlook on TradingView that highlights a structural setup forming on the D1 chart and predicts a breakout to as high as $115,000 if some resistance levels are cleared. 

According to RLinda, Bitcoin is in the middle of a compression phase just below the $108,100 resistance level. This follows what the analyst describes as a false breakout above $100,000, which led to a brief distribution and now an active accumulation zone. The daily chart shows price action gradually tightening within the $106,500 to $108,100 range since June 25, the essence of which the analyst called a pause for a breather before a possible continuation of growth. 

The current setup has already established well-defined boundaries, with support at $106,500 and $108,100 as immediate resistance. A breakout above this immediate resistance would pave the way for the next resistance around $110,400 and bring bitcoin within striking distance of its all-time high at $111,000. On the other hand, a short-term pullback toward $105,650 is still possible before a new move to the upside.

Bitcoin Price Levels To Watch

Bitcoin’s price action is really pressing on this resistance level around $108,000 and is building momentum for a breakout once the price level gives way. The key resistance levels to monitor are stacked around $108,100, $108,900, and $110,400. As long as the structure between $106,500 and $108,100 holds, and Bitcoin’s price is sticky near the top of that zone, the breakout scenario becomes increasingly probable.

Although there are currently no reasons for a decline on the daily and weekly candlestick charts, the analyst noted that a temporary pullback to $105,650 or even $104,650 cannot be ruled out. However, even such a pullback WOULD likely only serve as a retest but still keep the broader setup intact. 

At the time of writing, Bitcoin is trading at $107,457, up by 0.5% in the past 24 hours. The breakout trigger is still at $108,100. If broken, Bitcoin could easily MOVE to new highs around $115,000. 

Featured image from Unsplash, chart from TradingView