Bitcoin Price Compressed Below $108,000 Awaits Breakout

Bitcoin's price has been compressed below $108,000, setting the stage for a significant move. The key levels to watch are $97,000 and $110,000, which mark crucial breakout and sweep zones. This price action is part of a symmetrical triangle pattern, which has been tightening since June 7, indicating a build-up of pressure as both bulls and bears await a directional move.

The symmetrical triangle pattern on the 4-hour chart shows lower highs and higher lows, with the price currently around $105,295. This compression has reduced volatility and narrowed the trading range, creating a scenario where a breakout could lead to a rapid move in either direction. The liquidity zones at $110,500 and $100,300 are critical levels that could fuel the next wave of price action.

Bitcoin's price has been recalibrating within a defined wedge, ranging from a resistance level near $110,000 to a weekly low of $103,000. Historical downside magnets at $100,500 and $97,000 are being closely monitored by traders. The triangle's apex is nearing resolution, and the price remaining below $108,000 adds to the anticipation of a breakout.

Technically, the market structure remains neutral, with no clear direction confirmed yet. However, the shrinking range is causing traders to bracket their entries around both support and resistance zones. A close above $110,000 could accelerate short liquidations and drive rapid upside momentum. Conversely, a drop below $103,000 could intensify sell pressure, potentially pushing the price toward $101,000 and the deeper $97,000 zone.

On a macro level, Bitcoin's long-term setup indicates a shift from undervaluation to steady recovery. The MVRV Z-Score (2-Year Rolling) has rebounded from sub-zero levels to 1.1, a trendline that has historically signaled cycle bottoms and bullish reversal setups. This suggests that the market is entering an accumulation phase, with renewed confidence in Bitcoin's value.

Historical data shows that Bitcoin's macro bottoms in 2015, 2018, 2020, and 2022 coincided with the MVRV Z-Score falling below zero. With the score now trending higher, this structure indicates a broader push for Bitcoin, which is currently trading between $50,000 and $65,000 on the long-term log scale. The next high-volatility wave could be imminent, with traders mapping their entries using structure and risk thresholds as Bitcoin inches closer to a breakout resolution.