Bitcoin Hovers Near $107,477 Amid Ascending Triangle Pattern

Bitcoin is currently trading within an ascending triangle pattern, with its price hovering around $107,477. This pattern is characterized by a series of higher lows and a horizontal resistance zone near $108,000 to $114,000. The lower boundary of the triangle has been tested multiple times, with the price bouncing back from each contact, indicating increasing demand pressure. The upper side of the triangle shows resistance that Bitcoin has failed to close above on recent attempts.

The Ichimoku Cloud is serving as a dynamic support layer under the current price action, with Bitcoin remaining above both the leading and lagging spans. This indicates short-term trend strength and adds further weight to the bullish outlook. The Ichimoku Cloud has recently turned green beneath the price, providing a soft cushion for price movements, especially when aligned with trendline support.

Traders are now waiting for a decisive move to confirm the next major direction. A confirmed breakout above $108,000 could spark a move toward the $114,000 range, signaling continuation of the broader uptrend. Conversely, a breakdown below the ascending trendline may open the path to lower support zones around $104,000 or below. The absence of volume on either side could prolong consolidation until further market catalysts appear.

Bitcoin's price behavior remains technical, with the support trendline and Ichimoku Cloud alignment giving buyers some short-term control. However, a decisive move is needed to set the next course. The recent price action has been characterized by increased volatility, particularly around global risk factors. Despite this volatility, Bitcoin has managed to stabilize and press back toward the $107,000 mark, driven by buying pressure.

However, not all indicators are pointing to a bullish outlook. A Volume Spread Analysis (VSA) sell signal has been detected, suggesting that smart money may already be exiting the market. This signal indicates that the market may not be as healthy as the price action suggests, and that a pullback could be imminent. Unless Bitcoin can reclaim the $108,000 level, the market may continue to face selling pressure.

On the technical front, Bitcoin is currently in a consolidation pattern with a bullish bias on the 4-hour timeframe. This pattern suggests that the cryptocurrency is aiming for a mid-term target. However, this target is contingent on Bitcoin's ability to break through key resistance levels, particularly the $108,000 mark.

The recent price action has also been influenced by geopolitical tensions, with a sharp weekend slump followed by a rebound. Bitcoin pushed back up toward the major trendline and eyed the $107,000–$112,000 zone, which holds large liquidations. In summary, Bitcoin's price has shown resilience, maintaining its position above $107,000 following a recent rebound. This stability has fueled bullish expectations in the short term, as the cryptocurrency market continues to recover. However, the market may continue to face selling pressure unless Bitcoin can reclaim key resistance levels.