Bitcoin Retests $108K Neckline, Hold Could Propel BTC to $144K
Bitcoin is retesting its $108,000 neckline after breaking out from an inverse head and shoulders pattern formed between December 2024 and June 2025. Trading around $112,888 with a $32.67 billion 24-hour volume and $38.09 million in liquidations skewed toward longs, BTC’s ability to hold $108K support is critical. On-chain metrics show a circulating supply near 19.91 million BTC and a market cap of $2.247 trillion. Derivatives data reveal $69.87 billion futures volume (down 9.9%), $81.17 billion open interest, and $5.79 billion options volume (up 26.95%). Traders should watch weekly closes above the $108K level and volume confirmation. A sustained hold would validate the breakout and keep the bullish $144,105 target in play, while a decisive breach risks a deeper correction toward lower support zones. Short-term momentum hinges on holding the neckline, and long-term bull projections remain intact if market participation stays robust.
Bullish
The retest of the $108K neckline on Bitcoin’s inverse head and shoulders pattern is a classic bullish setup. Holding this key support confirms market confidence, making the $144,105 target realistic. On-chain and derivatives metrics—high volume, rising open interest, and limited liquidation pressure—underscore robust participation. Historically, Bitcoin has resumed uptrends after similar neckline retests (e.g., early 2025 rallies). In the short term, a successful weekly close above $108K is likely to trigger fresh buying, while a failure would open room for a correction. Over the long term, validation of the breakout sustains the bullish outlook and paves the way for further gains.