Bitcoin Approaches Critical $110K Resistance: Breakout Toward $120K or Drop to $93K?

• Bitcoin faces a triple top resistance near $110,563 on the 4-hour chart.
  
• A confirmed breakout could lead BTC toward $120,000.
  
• Failure to break resistance may trigger a decline to the $93,226 support.

Bitcoin continues to trade near a critical resistance, retesting the $110,563 zone for the third time. The 4-hour BTCUSDT chart from OKX shows the price hovering around $108,558, up 0.4% over the last 24 hours. This repeated approach toward resistance highlights a pivotal decision point for the market. Notably, the support level stands at $108,039, indicating that price action remains tightly bound within a narrow range.

The formation resembles a triple top, a classical reversal pattern, although no confirmation has occurred yet. The resistance has rejected prices twice before, suggesting strong selling pressure at these levels. However, the current rally once again tests this zone, leaving market participants watching for either a breakout or another rejection.

Triple Top Resistance Zone Holds the Spotlight

The resistance level near $110,563 continues to cap Bitcoin’s upward moves. In the past two months, the price tested this zone twice, with both attempts leading to pullbacks. Traders now observe whether the third attempt will finally produce a decisive move.

Interestingly, a breakout above this resistance could fuel a bullish surge toward the $120,000 mark. This level marks the next major upside target if the current structure breaks positively. On the contrary, a rejection here could validate the triple top pattern, with downside risk increasing sharply. The lower support sits around $98,143, while extended losses could drive the price toward $93,226. As this pattern develops, traders await confirmation on either side.

Current Levels Reflect a Make-or-Break Scenario

The 24-hour price range spans from the $108,039 support to the $109,116 resistance. This narrow spread indicates reduced volatility before the next significant move. Bitcoin currently trades around $108,666, maintaining proximity to the key resistance.

A break above resistance remains possible, though the market awaits clarity. Failure to breach the triple top zone may reverse the short-term uptrend. Moreover, the visual analysis projects potential paths for both bullish and bearish outcomes, depending on the breakout or rejection at the $110,563 level.

Short-Term Chart Highlights Critical Price Zones

The accompanying chart outlines potential price projections based on the triple top pattern. If the resistance breaks, Bitcoin could climb toward $114,000 initially, with $120,000 as an extended target. 

Conversely, rejection risks triggering a rapid decline toward $98,143, followed by deeper losses toward $93,226. As the market remains indecisive, traders monitor these zones closely. The next sessions could provide a clearer picture of Bitcoin’s short-term direction.