After consolidating in a narrowing structure for the past week, the Bitcoin price today is hovering near $118,400, attempting to break free from a multi-day compression zone. Price action remains pinned between ascending support and a descending trendline, keeping volatility tight but suggesting an imminent breakout. The short-term structure is coiled, with bulls trying to capitalize on the recent bid recovery from the $116,000 zone.
Bitcoin is currently locked inside a symmetrical triangle pattern on the 4-hour chart, with resistance at $119,000 and support around $116,000. The consolidation structure follows a vertical move that sent Bitcoin price soaring from $101,000 earlier this month. This wedge is compressing volatility further, indicating that a decisive move may unfold in the next 24-48 hours.
The daily chart shows price still hovering near the upper edge of a rising wedge formation that began forming in March. Despite a brief pullback, BTC has held above its EMA 50 and EMA 100, which currently sit near $110,200 and $105,100…
