Bitcoin is consolidating just below a major resistance level at $106,433, with bullish momentum building. If this level breaks with strong volume, a push toward $127,600 could follow swiftly. Despite giving up all of its gains made over the past 24 hours, Bitcoin (BTC) remains within striking distance of its all-time high, showing strong signs of a bullish continuation. After months of climbing through higher highs and higher lows, BTC now faces one final technical hurdle at $106,433, a level that has acted as a ceiling for price action since December 2024. The current structure suggests a potential breakout is forming, but one key ingredient remains: confirmation through volume. Key technical points, Major Resistance: $106,433 – final level before all-time highs Bullish Structure: Higher highs and higher lows remain intact Target Zone: $127,600 – the long-term channel high BTCUSDT (1D) Chart, Source: TradingView Bitcoin’s current price action continues to sit below $106,433, a resistance level that has consistently capped upward momentum for months. This area coincides with the midpoint of a long-term ascending channel, adding confluence and technical significance to this zone. It’s acting as both a psychological and structural barrier. Price is now compressing below this zone in what appears to be a tightening apex. This type of setup typically leads to a volatility squeeze. When support and resistance converge around a midpoint channel level, it creates pressure in price action. If the bullish structure, defined by higher highs and higher lows, continues to hold, the probability of a breakout increases. However, no breakout will be confirmed unless it is accompanied by an influx in volume, showing true demand. You might also like: SHIB, SUI remain volatile; BlockDAG’s special price offers up to 1,279% ROI overnight Volume has remained steady but not explosive in recent days. This hints that buyers are watching from the sidelines, waiting for clear confirmation. A strong daily or weekly close above $106,433, backed by rising volume, would mark a technical breakout, with the next logical target being the channel high at $127,600. Until that breakout occurs, price may continue to consolidate within this tightening range. As long as the bullish structure isn’t invalidated by a lower low, the bias remains to the upside. This current consolidation may last several more days or even weeks, but the pressure is building, and technicals suggest a breakout is more likely than a breakdown. What to expect in the coming price action If Bitcoin can hold this range and break above $106,433 with volume, it would confirm the next leg of the bull cycle. The next major target sits at $127,600, and a breakout could unfold quickly once resistance gives way. Read more: Cardano’s bullish reversal: will a break above $1.13 trigger the next big rally?