Bitcoin Forms Bullish Flag Near $106K, Here’s Why $108K Is the Key Level to Watch

Bitcoin forms a bullish flag; a breakout above $108K could trigger a rally toward $130K.

Price may correct to $97K–$98K before bulls retest and aim to break the $108K resistance.

MACD turns bullish, RSI stabilizes, and ETF inflows support continued upward momentum.

Bitcoin is trading at $106,419.95 and is forming a bullish flag pattern. According to market analysts, the price may see another correction before bulls attempt a move beyond the $108,000 resistance. A clean break above this level would confirm the pattern, possibly triggering a rally towards the $130,000 midterm target.

Bitcoin Maintains Uptrend While Eyeing Support Zone

According to analysis prepared by Captain Faibik, Bitcoin is still holding within a bullish flag setup. The pattern suggests a continuation of the recent uptrend, though one more correction toward the $97,000–$98,000 range remains possible before a stronger rally resumes.

Bitcoin recovered after dipping to $98,200, supported by broader risk-on sentiment following a ceasefire announcement by former President Donald Trump. The price also moved above $103,200 and broke a bearish trendline near $101,500 on the hourly chart

It then surpassed the 61.8% Fibonacci retracement level of the fall from $106,470 to $98,277. The asset is now trading above the 50-day EMA at $103,188, acting as a key support. If bulls defend this level, a bounce is likely to continue toward the $108,000 resistance.

Break Above $108K May Trigger Midterm Target Shift

Bitcoin is currently approaching a resistance area near $106,500. According to an observation by Daan Crypto, the price has made a clean retest of the mid-range and is now pressing against the upper range, which has held firm for over two months.

Source: DaanCrypto(X)

If Bitcoin breaks and holds above $108,000, this will confirm the bullish flag breakout. According to Captain Faibik, this move would shift the midterm target toward $130,000. The MACD shows signs of a bullish crossover while the RSI remains near the neutral 50 level, suggesting momentum is building

Strong ETF inflows and increased institutional buying, such as new acquisitions by Strategy and Metaplanet, continue to support positive market sentiment.

The post Bitcoin Forms Bullish Flag Near $106K, Here’s Why $108K Is the Key Level to Watch appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.