Bitcoin Nears $110,000 Mark Amid Bullish Momentum

Bitcoin's price has been on a steady climb, nearing the $110,000 mark as liquidity targets align with bullish momentum. The cryptocurrency briefly surpassed the $110,000 level before facing a pullback, but market participants remain optimistic about reaching higher targets. Analysts have identified key liquidity pools and technical indicators that support the ongoing rally, with the next major liquidity area sitting just above the June high at $110,653.6.

However, the path to new highs may not be smooth due to broader market conditions and potential economic data surprises. The daily 20-SMA around $105,862 is flat and moving sideways, suggesting that the price may face resistance before pushing significantly higher. This divergence between price and the moving average limits the chance of a clean breakout into new all-time highs without a consolidation phase.

Short-term support for Bitcoin appears around the $109,500–$109,600 zone, with a secondary level at $109,000 if the first fails to hold. These levels are crucial for traders looking to manage risk during this rally. Additionally, Bitcoin’s liquidation heatmap shows heavy liquidity above at $110,560, $111,666, and $113,877. Below the current price, levels around $108,350 and $107,264 may offer relief zones if the market turns.

Macro events, such as the upcoming U.S. unemployment report, could guide the next move for Bitcoin. If the unemployment data comes in lower than expected, it may spark bullish sentiment and push BTC higher. Otherwise, traders should prepare for a possible correction before the market resumes its upward path. As July progresses, traders are balancing technical trends with macro data, keeping Bitcoin’s path both promising and uncertain.