Bitcoin Climbs 3% to $108,000 as Traders Eye $109,000 Resistance

Bitcoin's price has been hovering around $107,000, with liquidity building up around the all-time highs. Analysts predict that a support/resistance flip at $109,000 is crucial for the bulls as new record highs become “inevitable.”

Over the weekend, Bitcoin saw modest gains, climbing by as much as 3% to $108,000 on June 29. This movement mirrored similar trends across the broader crypto market. After taking out some liquidity around $108,000, traders anticipated a rally to fresh all-time highs as ask bids build up above $109,000.

Bitcoin’s price has been below $108,000 since sliding below it on June 11. This price level remains critical for traders. Michael van de Poppe, founder of MN Capital, noted that after taking out some liquidity around $108,000, BTC may see a slight pullback before breaking out to all-time highs. He highlighted $109,000 as the key level to watch on BTC’s four-hour time frame, stating that breaking this area is necessary for upward momentum. Van de Poppe added that the inevitable breakout to an all-time high 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. Mags stated, “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.

Several traders eyed a potential liquidity grab above with bid orders thickening below the spot price, and others clustering above $109,000. Crypto analyst AlphaBTC mentioned in a June 30 post on X that Bitcoin is pushing into the $109,000 liquidity, questioning whether it will have enough momentum to push on through and hold. 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 between $110,000 and $112,300 is taken out, the resulting short squeeze could push BTC back into price discovery. The more liquidity concentrated around the $112,000 all-time highs, the bigger the potential upward move that can be expected.