Bitcoin Price At $110,000: Why BTC Must Break Out Of This Wedge

Bitcoin is currently trading around $107,000 after bouncing off a low of $99,000 earlier in the week, but its progress is being capped just beneath a key resistance zone. The cryptocurrency's price is starting to coil into a wedge structure on the 1-hour chart, which could determine whether it has the strength to clear its most recent all-time high. This wedge formation has been building over the past few days, with Bitcoin consolidating within a descending wedge pattern after being rejected just above $108,000 on July 26. The pattern has formed beneath the $108,351 level, which is an important point of resistance in the current range. On-chain trading volume has been relatively stable throughout this consolidation, with no strong directional bias yet. According to analyst Daan, this setup could lead to a strong breakout, but it may still take time to resolve. A confirmed breakout above the upper resistance line, especially with a decisive close beyond $108,000, could mean the beginning of a much larger move. The analyst recommends waiting for a proper break above the $108,000 to $110,000 region, which would have a broader impact across the market and revive interest in altcoins. Without this breakout, Bitcoin is stuck within a "massive resistance in a larger range" and will be at risk of another downside volatility if the support at the lower boundary of the wedge fails. The wedge formation shows that Bitcoin is gearing up for its next major move, but whether it will be upward or downward depends on how price reacts to the wedge boundaries and the $108,000 resistance line.