Bitcoin continues to coil within a bullish consolidation zone above the critical $114.5k-$117.5k Immediate Demand Zone, firmly riding the ascending channel structure that has guided price since the March swing low. The prior wave structure confirms a clean ABC correction, followed by a powerful breakout and a structured range indicative of accumulation, not exhaustion.
The RSI shows persistent bullish divergence, confirming hidden strength, with multiple support bounces confirming demand. The current tight consolidation above former resistance now flipped demand presents a launchpad scenario for a breakout towards major projected upside targets.
Targets to Watch:
🟢 $123,053 – Range breakout threshold, aligns with channel midline and prior local high.
🟢 $134,428 – Measured move from current range and top channel boundary intersection.
🟢 $152,174 – Final leg projection based on macro channel trajectory and bullish wave extension potential.
On the downside, failure to hold $114.5k opens the door to a test of the $105k Strong Support Zone, which aligns with prior structural demand and broader trendline confluence.
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