Bitcoin Price Update: Navigating the Symmetrical Triangle and Descending Channel

Bitcoin Price Update – Bitcoin (BTC) continues to trade just below a critical resistance zone, maintaining a tight range after several recent failed breakout attempts. Traders and analysts are closely watching for a clear signal—either a bullish reversal or a further downside movement—as momentum indicators paint a mixed picture. Here’s a detailed analysis of the current Bitcoin price, momentum indicators, and what to expect in the near term.

Bitcoin Price Update: Key Indicators Point to Upcoming Volatility Surge — *Source: TradingView*

Current Bitcoin Price and Market Action

At the time of writing, Bitcoin is priced at $104,980, reflecting a minor decline of 0.14% over the past 24 hours. After facing a strong rejection in the $108,000–$109,000 resistance zone, BTC is consolidating above the $104,300–$103,700 support band. This range is proving crucial, as buyers attempt to defend it amid increasingly tight price action forming a symmetrical triangle pattern on the daily chart.

The ongoing contraction phase, combined with a declining Average True Range (ATR), signals that Bitcoin’s price volatility is compressing. This compression typically precedes a significant breakout, but conflicting momentum signals and weakening trend strength indicators are contributing to Bitcoin’s recent downward pressure despite technically supportive structures.

Technical Indicators: RSI, MACD, and Trend Analysis

Looking at the 30-minute chart, the Relative Strength Index (RSI) stands at 53.89, just above the neutral midpoint of 50, indicating neutral momentum without strong bullish or bearish bias. Meanwhile, the MACD (Moving Average Convergence Divergence) remains in positive territory with a slight bullish crossover forming, hinting at potential upside if buyers can reclaim the $105,300 level.

The Keltner Channel shows Bitcoin price action sitting just below the basis line, suggesting pressure from above, which limits upward momentum. Meanwhile, the Bollinger Bands are contracting sharply, reinforcing the idea that volatility is decreasing and a decisive move is likely imminent.

Without bulls retaking control above $106,000 with strong volume, bears might push the price toward lower liquidity zones, signaling potential further declines.

Key Support and Resistance Levels to Monitor

On the 4-hour chart, Bitcoin’s technical setup reveals critical support and resistance levels. Immediate support exists between $104,300 and $103,750, which has held firm in recent sessions by preventing more severe price drops and serving as a temporary floor amid selling pressure.

If this support range breaks, the next major supports lie at $101,000 and $99,500. Falling below $100,000 could intensify bearish sentiment and increase price volatility, potentially triggering sharper declines.

On the upside, resistance is strong and clustered: the 20/50/100 Exponential Moving Average (EMA) cluster stands at $105,960, marking the first significant barrier. Just above, the Parabolic SAR signals resistance at $106,443, and the Supertrend indicator marks another ceiling at $107,961. This stacked resistance zone explains Bitcoin’s stalled upward momentum.

The Critical Breakout Zone and Future Scenarios

To spark a more sustained bullish rally, Bitcoin must decisively break above the $108,000–$109,000 breakout zone with volume. This area represents a critical pivot point for bullish momentum. Without a successful breakout, any price spikes toward $112,000 will likely be short-lived.

Currently, Bitcoin remains trapped beneath the upper boundary of a descending channel, limiting breakout potential in the near term and increasing the risk of continued sideways movement or a bearish pullback.

Reasons Behind Today’s Price Decline

The recent downward move primarily stems from repeated technical rejections near the $108,000 resistance on both the 30-minute and 4-hour charts. Additional bearish signals include the Klinger Oscillator turning negative and the True Strength Index (TSI) remaining below zero at -0.57, indicating a bearish momentum bias.

Moreover, the Accumulation/Distribution Line (ADL) has flattened, reflecting a lack of strong buying pressure even though the price is consolidating. This absence of demand partly explains why Bitcoin price is declining today, despite traders anticipating an eventual breakout.

Short-Term Outlook: Watch for Directional Confirmation

Bitcoin is currently positioned at the apex of a descending triangle pattern and inside a broader rising channel structure, as illustrated by the daily Fibonacci pitchfork. If BTC closes above $106,000 on strong volume, a rally toward $109,000 and potentially $114,000 could unfold.

However, if Bitcoin fails to hold above the $103,750 support, it may trigger a sharper drop to $99,520 or even $94,395. Traders should carefully monitor price action over the next 12 to 24 hours for clearer directional signals.

Conclusion

For now, Bitcoin’s price action reflects cautious indecision. With volatility near cycle lows and momentum indicators providing mixed signals, breakout traders should prepare for a possible significant move once Bitcoin escapes the current compression zone. Until then, close attention to key support and resistance levels, combined with volume and momentum shifts, will be essential for anticipating the next major trend.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.