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Bitcoin Builds Toward Breakout as Ascending Triangle Nears Completion
By: cryptosheadlines|2025/05/16 15:45:05
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Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Bitcoin forms an ascending triangle with $104,900 as key breakout level for further upside.On-chain data shows rising investor conviction as Realized Cap nears $900 billion.Options open interest rises to $40B, signaling bullish sentiment despite lower volume.Bitcoin continues trading in a tight range above $103,000, forming a textbook ascending triangle on the hourly chart. Market participants are watching for a breakout above $104,900, which could set the stage for Bitcoin to enter a new price discovery phase and approach an all-time high.Technical Pattern Builds Toward Breakout ConfirmationThe ascending triangle structure currently forming shows higher lows meeting a horizontal resistance at $104,900. This technical setup is often seen before a bullish breakout. Bitcoin has tested the lower boundary near $101,600 multiple times while holding firm above the trendline.$BTC Ascending Triangle formation on the hourly chart..If Bitcoin bounces from here, it might test the 104.9k horizontal Resistance.Bulls need to clear the 104.9k Resistance to confirm the breakout and open the doors to a new ATH..#Crypto #Bitcoin #BTC pic.twitter.com/LxUmKfjlzY— Captain Faibik (@CryptoFaibik) May 15, 2025According to an analysis prepared by Ali Charts via X, key support now lies at $101,600. If Bitcoin holds this level and moves higher, a breakout above $104,900 could follow. Confirmation would require a clean daily close above this resistance zone, potentially opening the door to $110,000 and higher.Source :Ali Charts(X)The Relative Strength Index (RSI) remains steady near 67, indicating sustained bullish momentum. Market structure still favors the upside, with the price trading above the Parabolic SAR level at $98,673 and supported by the Donchian Channel midpoint at $99,276.On-Chain and Market Developments Reinforce Bullish SetupAccording to an observation by Glassnode, Bitcoin’s Realized Cap has increased by $30 billion since April 20. This rise points to growing investor conviction, with the current realized cap near $900 billion. Spot market data also reflects strong accumulation, as the Spot Volume Delta peaked close to $5 billion on May 13.Source :Glassnode(X)Options market behavior supports the trend, too. According to data from Coinglass, open interest in Bitcoin options rose 1.21% to $40.04 billion, even as overall volume declined. This shows traders are holding bullish positions and not exiting the market.Source :Bitbull(X)BitBull on X added, “BTC has broken above all major resistance. If it holds here, price discovery could be next.” A breakout above $104,900 would confirm the triangle’s upward move and may lead Bitcoin toward uncharted territory.Source link
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