Falling Wedge Breakout Fuels Bitcoin’s Bullish Momentum Toward $106K

• Bitcoin defends $96K support, forming higher highs and signaling bullish momentum toward the $106K resistance.
• A falling wedge breakout and strong buying pressure support Bitcoin’s upward trend, with potential pullbacks before new highs.
• Order flow shifts bullish as Bitcoin trades in an ascending channel, eyeing $104K while maintaining key support levels.

Bitcoin is bullish as it defends the $96,000 support level. Captain Faibik highlights that a falling wedge pattern is in play, signaling a potential rally. Bulls are eyeing the $106,000 resistance zone, which previously acted as a supply area. The breakout from a descending trendline suggests renewed buying interest, driving Bitcoin toward higher levels. The market structure supports an upward trend as horizontal and diagonal support levels hold firm.

Source: Captain Faibik

Bitcoin Retests Support and Aims Higher

Bitcoin touched a support area of $90,000 and staged a strong bounce back. The price is making higher highs and higher lows, further strengthening bullish momentum. After breaking out of the falling wedge, Bitcoin fired through numerous zones of resistance with conviction. The waves of the present uptrend are clear after a period of consolidation.

Moreover, the price structure indicates an accumulation phase, leading to a bullish breakout. Strong green candlesticks confirm heavy buying pressure. If Bitcoin sustains momentum above $106,000, the next resistance levels could lead to further price expansion.

Order Flow Shifts Bullish Toward $104K

StefanB observes a significant shift in order flow, reinforcing a bullish outlook. On the 2-hour timeframe, Bitcoin trades above $96,500, forming an ascending channel. A dotted yellow trendline shows long-term support, indicating stability. The price remains above a critical Fibonacci retracement level of 0.886, marking a strong recovery.

Source: StefanB

The immediate resistance level stands near $99,000. A breakout from this zone could drive Bitcoin to $104,000. A minor support level at $95,000 aligns with past consolidation areas, ensuring stability. Bitcoin’s price currently hovers around the midline of the ascending channel. As long as the price remains within range, the bullish trajectory is expected to continue.

Besides, the projected price path suggests potential pullbacks before higher price targets. A breakout beyond $100,000 would confirm further strength, pushing Bitcoin toward $104,000. The lower bound of the channel offers key support, ensuring trend continuation. Market interest remains strong, fueling Bitcoin’s bullish outlook