Bitcoin has been on an impressive run lately, reclaiming levels above 100K and showing strong bullish structure across higher timeframes. But now it’s approaching a major resistance zone near 104K–105K, and the price action is starting to look like it’s at a crossroads.
What the Charts Are Telling Us:
Daily Timeframe:
BTC is currently hugging the top of a long-standing ascending channel.
It’s testing a key supply zone, where we’ve seen previous sell-offs.
There’s been a clear bullish breakout structure (Choch → BoS), but the rally is losing steam here.
RSI is hovering in the 75+ range – signaling overbought territory.
Volume is not following through strongly on this latest move, which could mean bulls are running low on fuel.
4H View:
A rising wedge has formed near resistance – usually a sign of slowing momentum and possible reversal.
Price is consolidating just below the 104K mark, forming lower highs.
A clean break above this with strong volume could trigger a bullish continuation, but if we break below 102K, we might be in for a pullback.
Below us, the 97K–98K range is packed with demand and could offer strong support if we dip.
30-Minute Zoom-In:
Very tight range forming between ~102.8K and ~104.2K – classic squeeze.
Momentum indicators (RSI, MACD) are showing early signs of bearish divergence.
If bulls can’t push through soon, we might see a short-term breakdown before any bigger move resumes.
Trade Ideas:
Scenario 1 – Bullish Breakout:
Entry: Above 104.5K with strong volume
Targets: 108K → 114K
Stop Loss: Below 102K
Scenario 2 – Bearish Rejection:
Entry: Rejection around 104K–105K
Targets: 98K → 92K
Stop Loss: Above 105.5K
Final Thoughts:
BTC is at a do-or-die level right now. Either we break cleanly above this resistance and see continuation, or this becomes a classic fakeout followed by a correction. No need to rush in – let the chart give you confirmation. The structure is still bullish on higher timeframes, but short-term traders should be cautious here.