Bitcoin’s price currently hovers near $104,419.69 in a tight trading range after recent pullback. The indicator suggests a breakout above $105,000 and towards the $117K resistance level is possible. This potential surge coincides with an inverse head-and-shoulders pattern developing near $104,900 and rising exchange reserves hitting all-time lows, signaling a supply squeeze. 2024 market precedent suggests a similar setup could lead to a parabolic rally after a failed breakout. This bullish trend is further bolstered by the strong monthly close in Bitcoin and the influx of $5.23 billion worth of spot ETFs. Key levels have defined areas of control for both bullish and bearish momentum, with investors closely watching if these levels will hold. A decisive break above $107,500 could propel Bitcoin to a new bull market phase.