Bitcoin Nears $108,000 Resistance After 0.6% Gain

Bitcoin is currently trading at $107,954, just below its resistance level of $107,973, with support holding at $107,138. This price action has formed an inverted head-and-shoulders pattern, with the neckline of this pattern aligning closely with the current resistance levels. The structure of this pattern spans from December to June, showing rising lows and consistent resistance at the neckline.

Bitcoin has seen a 0.6% increase, reaching $107,954 at the time of reporting. The asset is slightly below its intraday resistance at $107,973, while support is at $107,138. Over the past several months, the price has formed a recognizable inverted head-and-shoulders pattern. This pattern features a left shoulder in December, a head formation around April, and the current right shoulder consolidating in late June. The neckline of this structure aligns closely with the ongoing resistance zone, offering a significant technical reference point. Market participants are closely tracking whether Bitcoin will maintain strength above this level.

The current price sits just below the neckline trendline that has capped upside moves since December. This line now intersects with the $108,000 zone. Bitcoin has tested this barrier multiple times, with each attempt creating a more defined structure. Notably, the pattern has matured, with the right shoulder forming a higher low near $95,500. Price action remains tight, suggesting a potential move once pressure resolves. While the daily increase is modest, positioning near the neckline adds weight to the ongoing market focus.

Chart data reveals that the neckline has held for over six months. Meanwhile, the pattern’s symmetry has developed across three clean pivots. The rising lows from March onward support the overall shape. The right shoulder completes this construction, resting against the upper diagonal. Based on the trendline placement, the neckline appears to act as the final hurdle. The current price movement hovers within this defined range, bounded by resistance above and support slightly below. This creates a tight corridor for short-term moves.

While the chart shows continued compression, the support level at $107,138 remains intact. The price has respected this level through several intraday cycles. This structure prevents downside wicks from closing below the key area. As price continues to tighten, market attention remains focused on the $107,973 resistance. Any decisive price movement will likely emerge around this zone. The neckline’s placement continues to frame the broader consolidation phase now in progress.