Bitcoin is forming a descending triangle. A rejection at the upper trendline could lead to a breakdown toward the CME gap near $116K. However, a confirmed breakout above the trendline may signal a push toward a new all-time high.
As previously noted, Bitcoin is currently trading within both a horizontal range (box) and a tightening triangle formation. Although there was a drop last night, price didn’t pierce the lower boundary of the box and is now showing an upward reaction.
As long as BTC holds above this box, there’s no major risk. Bitcoin has already completed the 0.382 Fibonacci retracement from its previous impulsive move. If that correction is sufficient, the next upside target is $127,900.
However, one key point to watch: Bitcoin failed to break its previous high in its last three attempts — a clear sign of price compression and market indecision.
📌 No need to rush into Long or Short positions. It’s best to wait for a confirmed breakout before acting, as premature entries could carry elevated risk.
BTCUSDT Price just swept the lows — classic liquidity grab. Now sitting inside a falling wedge, structure tightening. If bulls react here, we could see a sharp breakout toward 121K. Eyes on volume.