Bitcoin News Today: Bitcoin Faces Key Resistance as Bullish Momentum Builds

Bitcoin is currently facing a critical resistance level that traders and analysts are closely monitoring, as it could determine the cryptocurrency’s direction in the coming weeks and months. The key resistance zone, which marks a potential gateway to new price highs, has drawn significant attention due to the strategic positioning of the asset ahead of a crucial breakout attempt [1].

On-chain analytics indicate a shift in market sentiment. According to on-chain data from Glassnode, Bitcoin’s MVRV (Market Value to Realized Value) momentum is showing positive signals, suggesting renewed confidence among long-term holders. This metric reflects how current prices compare to the average acquisition cost of coins in circulation, and a rising MVRV often signals a shift toward a more bullish market dynamic [1].

Market strategist Michaël van de Poppe has highlighted that Bitcoin has returned to its first major resistance level. He notes that while a successful breakout would not guarantee a new all-time high (ATH), it would be a significant technical milestone in favor of bullish momentum. However, a failure to break through this barrier could result in a pullback toward the $110,000–$112,000 support range [1].

In a bullish scenario, if Bitcoin manages to clear the current resistance, the next potential price targets are in the $118,000–$120,000 range. Continued positive MVRV momentum and rising demand in the spot market could provide the necessary fuel to challenge and potentially surpass previous record highs before the end of Q3 [1].

Conversely, if Bitcoin struggles at this resistance, a retracement toward $112,000 or even $110,000 is expected. A break below these levels could lead to further selling pressure and potentially open the door to a deeper correction toward the $105,000–$107,000 range [1].

Traders are now focused on whether Bitcoin can maintain upward momentum and avoid sharp pullbacks as it approaches this pivotal price level. With market sentiment improving but resistance still intact, the coming weeks—particularly August—could prove decisive in shaping the cryptocurrency’s trajectory [1].

Source: [1] Bitcoin Struggles at Key Resistance – What to Expect? (https://coinmarketcap.com/community/articles/6890b6f990aa550a28eaa7f6/)