A well-defined ascending channel is visible on the daily chart, with consistently respecting both the upper and lower trendlines since mid-April. This bullish structure reflects steady higher highs and higher lows, signaling continued strength from buyers.
The price is currently testing the upper resistance zone at $109,200 – $112,000. Support lies at $105,300, with a mid-channel pivot near $107,000. A breakout could target $120K, while a rejection may send BTC down to $99K – $95K.
However, the price is now testing the upper boundary of this channel, which often acts as resistance. Failure to break above convincingly could result in a channel rejection and a pullback toward lower support levels.
