Bitcoin Consolidates Below Resistance — Can It Seal A Weekly Close Over $107,720?

Bitcoin is at a critical point, and the upcoming weekly close will determine its next move. To confirm a bullish continuation, Bitcoin needs to close above $107,720, which could trigger a move towards the $130,000 to $135,000 range in Q3. This key level is acting as a resistance zone, and breaking it could unlock a new wave of bullish momentum. A similar setup appeared in Q4 2020, resulting in an unstoppable rally that shattered resistance. The weekly chart shows Bitcoin trading within a well-defined historical parallel channel, which has previously marked breakout points in October 2023 and October 2024. If this pattern continues, Bitcoin could reach the $150,916 target in October 2025. The channel provides a roadmap, with key breakouts signaling the start of rallies and price dips serving as accumulation zones. On the 1-hour chart, Bitcoin is attempting to bounce off a support zone near $106,500, and technical indicators support a potential shift. However, Bitcoin must overcome the critical resistance near $108,500 for a meaningful reversal to hold. A breakout above this level with sustained volume will be crucial to confirm the trend and bullish momentum.