Is Bitcoin Ready to Breakout? Key level to watch now

Bitcoin is approaching a key breakout level at $110.8K, forming an ascending triangle as analysts monitor cycles, valuations and macro factors.

Bitcoin is moving closer to a major resistance zone, with price building pressure near $110,800.

A possible ascending triangle pattern is forming, which if confirmed could mean a continuation.

Bitcoin is building structure near resistance

The daily chart shared van Rekt Capital shows an ascending trendline with flat resistance around $110,800. This setup suggests a potential ascending triangle – a common pattern that often leads to upward movement. The asset has made several higher lows, indicating stable demand.

According to the analyst

“A daily close above ~$110.8K followed by a retest after the breakout from the top of the pattern would fully confirm the breakout.”

The support is approximately $107,000. Above the triangle, resistance is at $114,420, and the previous peak is at $123,500. Bitcoin too float near the 21-week EMA, which is around $111,000. Regaining that level could support further upside potential.

Price is between the major valuation levels

According to Gandalfcrypto, Bitcoin is trading about 10% above what he describes as its non-bubble fair value of $99,900. She added,

“Real euphoria begins when BTC breaks the non-bubble upper limit (~$149K) and moves towards the bubble zone ($290K+).”

For now, the market remains within range, with no signs of extreme price behavior.

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Liquidity data from Ted shows that Bitcoin has clusters both above and below current levels. The area between $104,000 and $106,000 could pick up the price if momentum stalls. If CryptoPotato Recently reported, BTC is also trading below the realized price for the short-term holder of $113,250, while the average cost basis for the long-term holder is near $36,910.

Meanwhile, Bitcoin’s next move could also be influenced by broader factors. These include the reopening of the US government and the upcoming talks between US and Chinese officials on trade tariffs. Until there is a clear move above or below the current range, traders remain alert.

US CPI data is also expected to be released today for September. It is expected to be higher than the previous month, which could lead to immediate volatility. However, it is likely that the US Federal Reserve will cut interest rates next week, which could give BTC a boost.