Bitcoin Traders Eye Fresh All-time Highs, But BTC Price Must First Flip $109K

Key takeaways:

• Bitcoin price coils at $107,000 as liquidity builds up around the all-time highs.

• A support/resistance flip at $109,000 is a must for the bulls as new record highs become “inevitable,” says analyst.

Bitcoin saw modest gains over the weekend, climbing by as much as 3% to $108,000 on June 29, mirroring similar movements across the broader crypto market.

After taking out some liquidity around $108,000, traders said a rally to fresh all-time highs was “inevitable” as ask bids build up above $109,000. 

Bitcoin primed for new all-time highs: Analysts

Bitcoin’s price has been below $108,000 since sliding below it on June 11. This price level remains critical for traders.

Related: Bitcoin price will make history with $109K weekly, monthly close

MN Capital founder Michael van de Poppe spotted Bitcoin hovering at $107,450, saying that after taking out some liquidity around $108,000, BTC may see a slight pullback before breaking out to all-time highs.

An accompanying chart shows $109,000 as the key level to watch on BTC’s four-hour time frame. “This is the area we need to break in order to have upward momentum,” Van de Poppe said, adding:

“The inevitable breakout to an ATH on Bitcoin might even happen during the upcoming week.”

Pseudonymous analyst Mags shared a chart showing Bitcoin price action forming an inverted head-and-shoulders pattern in higher timeframes.

The target of this classic pattern is new record highs, once the price breaks above the pattern’s neckline at $112,000.

The analyst said:

“Bitcoin breakout incoming.”

Similar sentiments were shared by popular analyst Jelle, who said Bitcoin’s breakout from a bull flag could trigger a massive upward move into price discovery. 

As reported by Cointelegraph, the $108-$110K level is an important psychological boundary with implications for sentiment should it be breached.

BTC liquidity builds up at $109,000

Several traders eyed a potential liquidity grab above with bid orders thickening below the spot price, and others clustering above $109,000.

“Bitcoin is pushing into the $109,000 liquidity this morning as mentioned last night. The question is, will it have enough to push on through and hold?” crypto analyst AlphaBTC said in a June 30 post on X.

The latest data from monitoring resource CoinGlass showed price eating away at bids around $108,000 over the past 24 hours, with the bulk of interest clustered between $109,200 and $111,000.

More than $47.6 million worth of liquidity is sitting at $109,500.

The $107,000-$107,400 cluster is the primary liquidity area on the downside.

If the liquidity is between $110,000 and $112,300 is taken out, the resulting short squeeze could push BTC back into price discovery. 

As Cointelegraph reported, the more liquidity concentrated around the $112,000 all-time highs, the bigger the potential upward move that can be expected. 

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.