Key points:

• Bitcoin is convincing traders that an upside breakout is around the corner, with all-time highs in sight.

• One target demands $116,000 next week, moving BTCUSD firmly out of its narrow range.

• A quick dip before continuing higher is among the options for BTC price action into the new week.

Bitcoin BTCUSD reduced volatility to a minimum into the May 18 weekly close as traders bet on a fresh breakout.

BTC price brews classic breakout signal

Data from Cointelegraph Markets Pro and TradingView showed the area around $103,000 acting as a BTC price magnet throughout the weekend.

Now barely fluctuating up or down, BTCUSD was primed for a liquidity grab, with $105,000 and $103,000 both targets, data from monitoring resource CoinGlass confirmed.

Commenting on the current market structure, traders remained broadly bullish, anticipating a rematch with all-time highs and the return of price discovery.

“Next early week Bitcoin target: $116,000,” popular trader Alan summarized in his latest short-term prediction on X.

An accompanying chart underscored the lack of volatility characterizing BTCUSD over the past week.

“$BTC is brewing within this converging triangle with decreasing volume, which is a common indicator of potential for a Breakout,” Alan added.

Fellow trader Mikybull Crypto described the market structure as an “intraday diamond pattern breakout.”

“With the recent run up we’ve seen a consistent Coinbase spot premium. This is good and show there’s solid demand,” trader Daan Crypto Trades continued, referring to promising US buyer support fueling Bitcoin’s return to six figures.

Qualms over outstanding resistance

More conservative perspectives were confined to a temporary pullback before the upside resumed.

“Slow week and Bitcoin hasn’t been able to break resistance so far, which still makes me think that this scenario might be possibly in play,” trader CrypNuevo suggested.

Daan Crypto Trades added that against stocks, Bitcoin had yet to beat out final resistance.

As Cointelegraph reported, longer-term concerns include a full retrace of the relief bounce, which rescued BTCUSD from multimonth lows near $75,000 in April.

A sweep of levels closer to $90,000 is also on the radar.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.