Bitcoin Consolidating Below $108,000 But Eyes $115,000 Target

Bitcoin's price has been relatively stable, currently trading above $107,000 after briefly touching previous highs near $108,000. A crypto analyst on TradingView has outlined a structural setup forming on Bitcoin's daily chart, predicting a breakout to $115,000. The analysis shows that Bitcoin is in a compression phase that could precede a breakout. The compression phase is forming below the $108,000 resistance level, with Bitcoin's price action following traditional risk assets like the S&P 500 and Nasdaq. The analyst notes that Bitcoin is in an active accumulation zone after a brief distribution above $100,000. The daily chart shows price action tightening within the $106,500 to $108,100 range since June 25. A breakout above $108,100 would pave the way for the next resistance around $110,400 and bring Bitcoin close to its all-time high. On the other hand, a short-term pullback toward $105,650 is still possible before a new move to the upside. The key resistance levels to monitor are $108,100, $108,900, and $110,400. If the breakout trigger at $108,100 is broken, Bitcoin could easily move to new highs around $115,000.