Bitcoin is starting to emerge from its consolidation phase, suggesting that a decisive move may be underway. After holding above the former resistance, the market is starting to show early signs of confidence returning. The spotlight now shifts to the $107,000 level, where the strength of this breakout will be truly tested.
Holds Firm Despite A Weak Start To The Session
Bitcoin Meraklsi, in a recent BTC market update, outlined a largely positive outlook despite the day beginning with some downside pressure. While early trading showed red across the board, the analyst emphasized that the broader structure remains healthy, with Bitcoin still trading comfortably above the $96,000 region.
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A major technical development highlighted in the update is Bitcoin’s breakout above the long-watched $94,800 resistance level, which previously capped upside moves, and is now acting as support. So far, price action suggests that buyers are stepping in on pullbacks, reinforcing the strength of this level and reducing the risk of an immediate reversal.
As long as BTC continues to hold above $94,800, the bullish roadmap remains unchanged. The next clear upside target sits at $107,300, a level that could mark the next phase of expansion if momentum continues to build.
The analyst also addressed why altcoins have yet to respond meaningfully to Bitcoin’s strength. In the view, the wider market is still waiting for confirmation and confidence from BTC itself. That confidence is more likely to emerge once Bitcoin reaches the $107,300 region. At that point, improved sentiment and risk appetite could spill over into altcoins, setting the stage for a stronger, more synchronized market move.
Bitcoin Tests The Upper Boundary Of A Long-Standing Range
According to Crypto Candy, Bitcoin appears to be transitioning out of a prolonged consolidation phase after spending considerable time moving sideways. At the time of the post, price was challenging the upper boundary of the $94,000–$96,000 range, signaling a potential shift in market momentum as buyers attempt to regain control.
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BTC is now trading above it, but it must continue to hold above the range, which serves as a crucial validation zone. Sustained strength above this area would confirm bullish intent and increase the probability of a continued advance, with the $107,000 region standing out as the next major upside objective in the weeks ahead.
However, the setup is not without risk. If Bitcoin fails to maintain its position above $94,000, the current move could quickly lose traction and be labeled a false breakout. Such a development invites renewed selling pressure, potentially dragging the price back toward lower support zones as the market reassesses direction.
Featured image from Pixabay, chart from Tradingview.com
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