Bitcoin Eyes $114K Amid Bullish Momentum

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Bitcoin (BTC) is currently trading at approximately $108,664, consolidating within a tight range above the critical support level of $106,420. This support has been recently retested and held, reinforcing its significance in the ongoing bullish trend.

Technical analysis indicates that Bitcoin is forming higher highs and higher lows, suggesting a continuation of the upward momentum. The next major resistance level is projected at $114,000, based on Fibonacci extensions derived from recent price movements.

Volume has contracted during this consolidation phase, a pattern often preceding significant price movements. A breakout above the current range, confirmed by increased trading volume, could propel Bitcoin toward the $114,000 target. Conversely, a breakdown below $106,420 might indicate a potential shift in market sentiment.

Question for Discussion:
Do you anticipate Bitcoin breaking above the $114,000 resistance in the near term, or is a retracement more likely given the current market conditions?