Bitcoin Could Ignite Price Discovery Rally As Weekly Structure Tightens

Key Points

1. Bitcoin reclaimed the R/S flip zone around $104,400, now a key support level, and faces resistance at $109,000.

2. A breakout above $109,000 with volume could lead to a continued move toward a new all-time high region at $112,000.

3. Bitcoin's 4-hour chart shows a retest of the $108,600 mirror level, which could confirm new support and precede a strong breakout.

4. The 1-hour chart indicates a bullish opportunity with BTC potentially revisiting the local top at $110,500 and breaking above it.

5. An inverted head-and-shoulders pattern on the 4-hour chart suggests a potential breakout if supported by higher lows.