Bitcoin Near Critical Support,Awaiting Volume-Driven Breakout
Bitcoin is currently hovering near a meaningful support level,showing minimal volatility. traders believe a volume surge could trigger a move toward $114,000.
The price of Bitcoin (BTC) has been range-bound this week. It’s stuck near $106,420, a crucial support level. This zone has been tested recently,proving its strength. The market is still rigged for a bullish trend, with prices making new highs and lows.
- $106,420 acts as a strong support level, reaffirming the current uptrend.
- A bullish trading channel suggests the trend might continue.
- $114,000 is a key Fibonacci target for the next major move.
trading volume has dropped as the price stays tight around support. Low volatility and volume usually lead to a breakout. Right now, Bitcoin is coiling, and the direction of the breakout will be crucial.
The market still leans bullish. Price has not broken any higher lows, keeping the uptrend alive. This phase might just be Bitcoin setting a higher low within the larger trend. A strong volume surge breaking resistance would pave the way toward $114,000.
Ther’s little selling pressure, hinting that buyers are still in control. Any price drop is likely being absorbed at key levels.
A volume-backed breakout, whether bullish or bearish, is essential. Without it, the move may lack momentum. If Bitcoin stays above $106,420 and volume spikes, expect a bullish move toward $114,000. The market structure still points upward,indicating higher prices are likely on confirmation.
