Bitcoin Tests Key Levels at $105,739 and $108,699 Awaiting Breakout

Bitcoin is currently trading within a tight range, bounded by strong support at $105,739 and resistance near $108,699. This range has garnered significant attention from traders, who are closely monitoring both levels for potential breakouts. According to a chart analysis posted by Eliz, Bitcoin is testing both directional triggers, forming a symmetrical setup on the 4-hour Bitstamp chart. The analysis highlights two key targets: $109,503 if Bitcoin clears the $108,699 resistance with momentum and buyer volume intact, and $102,538 if it drops below the $105,739 support level.

The analyst's "two trigger" system outlines that confirmation of a breakout or breakdown depends on whether Bitcoin can surpass $108,699 or fall below $105,739. These levels correspond with historical market reactions, making them crucial for traders to watch. The current structure shows Bitcoin testing a descending trendline from the June highs, which intersects closely with the $108,699 resistance zone. Multiple rejections at this level confirm its significance as a key resistance point.

If bulls manage to push Bitcoin through the $108,699 resistance, the next target is $109,503. This area represents the final ceiling within the current compression pattern and suggests a possible breakout if volume rises on confirmation. However, a failed attempt to breach this upper band could send Bitcoin back toward the $105,739 support level, which sits just above a major consolidation region visible across the mid-June lows and aligns with the most recent liquidity bounce.

The $105,739 support level is critical for maintaining short-term bullish structure. According to Eliz’s chart, the price has responded multiple times in this zone, identified as a buyer reaction area. Traders are using this range as a decision zone, with a clean break below this level exposing Bitcoin to downside pressure and targeting $102,538 as the next likely stop. The price previously rebounded from this lower band in early June, and volume around the $105K zone has picked up, indicating active participation. Should Bitcoin hold above this level, another move back toward resistance is likely, keeping the market coiled and awaiting a breakout in either direction.

The key question remains: Will Bitcoin breach the descending resistance and reclaim the $109,503 level, or lose $105,739 and retest $102,538? The price structure suggests a breakout is imminent, with traders watching both triggers for confirmation. If the price closes above $108,699, the bullish trigger activates, potentially leading to a bullish path if resistance turns into support. Alternatively, if bears regain control and push Bitcoin below $105,739, the bearish scenario unfolds, targeting $102,538 with increased downside pressure. All eyes are now fixed on Bitcoin’s reaction near these converging lines, as the market awaits a decisive move.