BTC Price Holds Key Support Near $107K Amid Pattern Compression

Bitcoin is trading within a descending triangle, indicating potential for a breakout or breakdown in the short term.

Key levels at $107,107 and $109,057 are containing price action, with moving averages adding structural pressure.

Traders are closely monitoring volume and price movement for a confirmed breakout to dictate Bitcoin’s next trend.

The 4-hour chart of Bitcoin (BTC) shows the cryptocurrency moving horizontally in what could be a descending triangle, indicating a significant price shift may be on the way. According to the latest figures, Bitcoin is currently trading at $108,824, with no change in its value in the last 24 hours. Many market observers are paying close attention to the pattern, as it commonly points to an upcoming sharp move up or down.

Bitcoin Holds Key Support as Price Compresses

The chart shows that Bitcoin is now rebounding off an important horizontal demand area around $107,107. The level has remained a short-term support point on the recent sessions, serving to halt further declines. The rebound is occurring as the 100-period moving average (MA) is providing further support just below the price action, a factor that is often seen as an indicator of underlying bullish strength.

In contrast, the 50-period MA is positioned slightly above current price levels and has started acting as near-term resistance. This setup has resulted in compressed price movement within a tightening range, typical of descending triangle formations.

BTC Awaits Breakout Amid Tight Range

At this time, $109,057 is holding the resistance ceiling. Should bulls fail to create enough pressure to push past this level, the market could stay inside its existing range. If support at $107,107 fails, the coin may fall further which could bring about a long slide.

The market is currently showing little movement, as it waits for a major event to occur. Both the decreasing range of prices and the closeness to major moving averages support the chances of a quick price change in one direction.

Bitcoin Awaits Breakout Amid Market Uncertainty

Until Bitcoin breaks clean above or below either the triangle resistance or support, short-term direction will remain uncertain. Volume action and momentum indicators should be monitored by traders, as these will provide early warnings of the direction of the impending move

For now, Bitcoin sits in a zone of indecision, suspended between near-term support and resistance, with breakdown or breakout set to dictate the next chapter in price action.