Bitcoin Consolidation Precedes Potential Breakout Towards $104,000

Bitcoin's recent price action may be leading up to a potential breakout towards $104,000. This conclusion is based on technical indicators suggesting consolidation before a major move.

The daily chart shows a developing cup-and-handle pattern, which typically signals continuation after completion. The latest candle closed higher but formed a long upper wick, indicating seller resistance at elevated price levels.

On-chain data from Glassnode reveals resumed accumulation since December 26. Long-term holders added approximately 12,349 BTC on January 4, representing a 93% decline from the late-November selling peak of roughly 185,451 BTC.