Bitcoin Holds Above $100K as Traders Eye $116K Breakout Next Week

Bitcoin holds above $100K for 10 days, forming a converging triangle with decreasing volume.

A breakout above $104.9K could trigger bullish momentum toward the $116K early-week target.

Traders weigh macro factors like Fed rate cuts and geopolitical talks as BTC consolidates.

Bitcoin (BTC) has traded above $100,000 for ten consecutive days, holding steady as volume decreases and price consolidates. With the cryptocurrency forming a converging triangle pattern, traders are watching closely for a potential breakout early next week. The key target under review is $116,000.

Technical Patterns Point to a Breakout Formation

Bitcoin closed at $103,110 on Friday, slightly below its intra-day high of $103,677, based on data from Coingecko. Despite the minor pullback, the broader price trend remains intact. BTC continues to move within a consolidating range while trading above its key support level of $100,000.

According to analysis prepared by Captain Faibik via X, Bitcoin is showing a bullish rectangle on the 4-hour chart. He noted that “all eyes are on the $104.9k horizontal resistance,” which remains the next barrier for an upside breakout. A close above this level could trigger fresh momentum toward the $116,000 zone.

Source :Captain Faibik(X)

Technical indicators reflect this setup. Bollinger Bands are expanding, and BTC’s price remains close to the upper band, signaling continued demand. Meanwhile, the Parabolic SAR remains below the candles, suggesting short-term upward bias.

Macro Factors Drive Trader Caution

On the macroeconomic front, Bitcoin's recent consolidation follows comments by former U.S. President Donald Trump. In a Truth Social post dated May 17, he urged the Federal Reserve to cut interest rates "sooner rather than later." This statement increased speculation around future policy changes.

Traders are also closely monitoring geopolitical developments, including a potential ceasefire discussion between Trump and Russian President Vladimir Putin. If confirmed, it may ease energy costs and inflation, supporting Bitcoin miner profitability.

Source :Daan Crypto(X)

According to observations from Daan Crypto on X, Bitcoin has shown short-term weakness relative to stocks, but it remains in an uptrend. The current chart structure, along with falling volume inside a triangle, aligns with conditions often seen before a breakout.

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