Bitcoin is approaching a major resistance zone, with upward pressure on the price near $110,800.
An ascending triangle pattern may be forming and, if confirmed, could signal a continuation.
Bitcoin builds structure near resistance
The daily chart shared by Rekt Capital shows an uptrend line with flat resistance near $110,800. This setup suggests the possibility of an ascending triangle. This is a common pattern that often leads to upward movement. The asset has made several new lows, indicating steady demand.
According to analysts,
“A breakout will be fully confirmed if the daily close exceeds approximately $110.8,000 and then retests the top of the pattern after the breakout.”
The amount of support is approximately $107,000. Resistance above the triangle is $114,420 and the previous peak is $123,500. Bitcoin is also hovering around the 21-week EMA (approximately $111,000). If it can regain that level, it could support further upside.
Prices are between major valuation levels
GandalfCrypto said Bitcoin is trading about 10% above what he calls its non-bubble fair value of $99,900. They added:
“The real euphoria begins when BTC breaks through the non-bubble ceiling (around $149,000) and trends toward the bubble zone (above $290,000).”
For now, the market remains range bound, with no signs of extreme price movement.
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Ted’s liquidity data shows that Bitcoin has clusters above and below the current level. If momentum stalls, the $104,000 to $106,000 area could pull the price closer. as crypto potato It was recently reported that BTC is trading below the realized price of $113,250 for short-term holders, while the average cost basis for long-term holders is close to $36,910.
On the other hand, Bitcoin’s next move could also be influenced by broader factors. These include the reopening of the U.S. government and future talks between U.S. and Chinese officials on trade tariffs. Traders will remain cautious until there is a clear break above or below the current range.
The US CPI statistics for September will also be released today. It is expected to be higher than last month, which could lead to increased volatility soon. However, it is still likely that the US Federal Reserve will cut interest rates next week, which could lead to a rise in BTC.
