- Bitcoin consolidates below $109,800 resistance, forming a range between $78,000 support and the $112,000 breakout zone.
- RSI near 70 and volume compression suggest potential for bullish expansion or continued range-bound movement.
- Multi-phase 2023 rallies complement the current stair-step structure of BTC, seeking a breakout above $112,000.
Bitcoin continues to consolidate below all-time highs, trading at about $104,000 while holding key structural levels. Price has been in a multi-month range, ranging between support at $78,000 and resistance at $109,800, now starting to show potential extension.
The current price movement reflects a bullish structure as BTC trades just beneath the red resistance zone. The range from $109,000 to $112,000 marks a reversal or breakout point. Each consolidation since 2023 has led to rallies of over $35,000 in follow-through.
Horizontal Zones Define Setup Clarity
Tony The Bull Severino’s chart analysis highlights Bitcoin’s weekly support and resistance structure since early 2023.BTC price spent March to November 2023 locked below $32,000 before breaking out into the next stair-step move. That breakout produced a sharp rally to $73,500 by March 2024.
According to Tony the Bull Severino, this led to another range between $59,000 and $73,500, lasting until October before the BTC price exploded higher once again. The result was a second leg that topped at $109,800 before the current consolidation began. These multi-leg rallies continue to show stair-step strength within well-defined trading boundaries.
Price currently trades within a range from $78,000 to $109,800, forming its third accumulation phase. The mid-range at $89,000 has acted as a strong base and was recently reclaimed. Price remains coiled below resistance, with bulls and bears watching the $109K–$112K zone for breakout confirmation.
Tony Identifies Breakout and Reversal Zones
Tony The Bull Severino, a market analyst, outlines both bullish and bearish scenarios around current resistance. According to Tony, BTC is near its previous all-time high and could be consolidating for a breakout. His setup uses a red shorting zone starting at $109K and a green stop-buy zone above $ 112 K.
A valid breakout, he noted, should come with volume expansion, RSI above 70, and price pushing above the upper weekly Bollinger Band. Until those conditions align, BTC may remain range-bound, with potential short entries above $109K and reassessment near $89K support. His strategy reflects a risk-managed approach based on structural zones.
Of note, CME Futures RSI has failed twice to hold above 70 on the daily timeframe. This creates possible divergence signals that traders are watching closely. However, both altcoins and equities are solid, increasing the likelihood of a broader bullish push.
This led to further attention on Bitcoin’s high-timeframe consolidation, which is analogous to past bullish configurations in 2023 and 2024. With volume compressing and structure tightening, the market awaits a move beyond the red and green zone markers.
