Bitcoin price prediction: Bulls eye $114k if current support holds

Bitcoin is coiling in a low-volume range near major support. With bullish market structure still intact, a breakout toward $114,000 may be imminent if volume expansion confirms direction.

Bitcoin (BTC) price action has spent the majority of the week consolidating in a tight, low-volatility range. Despite the calm, price remains firmly above a critical support level at $106,420. This zone was recently retested and held, reaffirming its importance in the current trend. While many traders are watching for a clear breakout, the underlying market structure still favors the bulls as price prints higher highs and higher lows.

Key technical points

• $106,420 Support Level: Recently retested and holding, providing structural integrity to the current uptrend.
• Bullish Trading Channel: Price appears to be consolidating at the lower boundary, hinting at possible trend continuation.
• $114,000 Fibonacci Target: The next major upside level, derived from Fibonacci projections based on recent swing structure.

Volume has noticeably contracted as price coils tightly around support. This type of price behavior, where volatility and volume drop together, often precedes a breakout. From a technical perspective, contraction leads to expansion. As Bitcoin trades in this compression zone, the breakout direction becomes the next key signal.

Importantly, the bias still leans bullish. Price has yet to break any structural higher lows, and the overall trend continues to point upward. This consolidation phase may simply represent Bitcoin forming a higher low within the larger bullish trend. If volume enters the market and breaks the current resistance range cleanly, the path toward the $114,000 Fibonacci extension becomes much clearer.

Additionally, the lack of strong selling pressure further supports the bullish case. While price is resting at the channel support, there has been no breakdown or impulsive bearish move. This suggests that buyers are still in control, and any decline in price is likely being absorbed at key levels.

That said, any breakout, bullish or bearish, must be confirmed with a noticeable surge in volume. A breakout without volume may fail to sustain momentum, while a volume-backed move would likely trigger a strong continuation in the direction of the break.

What to expect in the coming price action

Bitcoin is at a key inflection point. If it holds above $106,420 and volume spikes, expect a bullish breakout toward the $114,000 Fibonacci target. Market structure remains bullish, with higher prices likely on confirmation.