Bitcoin Holds Above $107,000 Amid Geopolitical Calm, Eyes $115,000 Breakout

Bitcoin’s price has been relatively stable in recent days, currently trading just above $107,000 after briefly touching previous highs near $108,000. This stability comes amidst a backdrop where Bitcoin’s movements are closely following those of traditional risk assets like the S&P 500 and Nasdaq, which have recovered following the recent de-escalation of geopolitical tensions.

Technical analysis from a popular crypto analyst on the TradingView platform outlines a compelling structural setup forming on Bitcoin’s daily chart. The analysis indicates that Bitcoin’s price action is in a compression phase that could precede a breakout to $115,000 very soon. According to the analyst, Bitcoin is in the middle of a compression phase just below the $108,100 resistance level. This follows what the analyst describes as a false breakout above $100,000, which led to a brief distribution and now an active accumulation zone. The daily chart shows price action gradually tightening within the $106,500 to $108,100 range since June 25, which the analyst calls a pause for a breather before a possible continuation of growth.

The current setup has already established well-defined boundaries, with support at $106,500 and $108,100 as immediate resistance. A breakout above this immediate resistance would pave the way for the next resistance around $110,400 and bring Bitcoin within striking distance of its all-time high at $111,000. On the other hand, a short-term pullback toward $105,650 is still possible before a new move to the upside.

Bitcoin’s price action is pressing on this resistance level around $108,000 and is building momentum for a breakout once the price level gives way. The key resistance levels to monitor are stacked around $108,100, $108,900, and $110,400. As long as the structure between $106,500 and $108,100 holds, and Bitcoin’s price is sticky near the top of that zone, the breakout scenario becomes increasingly probable. Although there are currently no reasons for a decline on the daily and weekly candlestick charts, the analyst noted that a temporary pullback to $105,650 or even $104,650 cannot be ruled out. However, even such a pullback would likely only serve as a retest but still keep the broader setup intact.

At the time of writing, Bitcoin is trading at $107,457, up by 0.5% in the past 24 hours. The breakout trigger is still at $108,100. If broken, Bitcoin could easily move to new highs around $115,000. The analyst’s outlook suggests that Bitcoin is in a phase of consolidation below $108,000, with a potential breakout to $115,000 on the horizon. This analysis is based on the current price action and the structural setup observed on the daily chart, which indicates a compression phase that could lead to a significant price movement.