Bitcoin Surges 1.72% to $107,538, Eyes New All-Time High

Bitcoin is currently holding strong at $107,538, with analysts predicting that a new all-time high (ATH) is imminent. The cryptocurrency has surged past the $105,797 resistance level, reflecting a 1.72% gain in the past 24 hours and a 2.70% increase over the last week. This upward movement aligns with the analysis of Michaël van de Poppe, who emphasizes the importance of the $108,900 region as a critical resistance. Breaking this zone could trigger a rally towards new all-time highs.

The momentum comes amid increased market activity and significant liquidations, with bulls eyeing the $108,900 mark. However, traders must remain cautious as Bitcoin has absorbed significant liquidity, suggesting a minor pullback could occur. A drop toward $105,800 is possible, and this level now serves as short-term support. If buyers defend this area, the stage is set for consolidation followed by a sharp rally. Conversely, if Bitcoin fails to hold above $105,500, lower levels at $103,000 or even $100,000 could be tested.

The recent price action signals that a major move may be on the horizon. After clearing crucial liquidity levels, Bitcoin appears ready to challenge its final resistance before setting a new all-time high. This momentum comes amid increased market activity, significant liquidations, and cautious technical indicators. With bulls eyeing the $108,900 mark, the coming days may prove pivotal.

While price action remains bullish, momentum indicators paint a more nuanced picture. The MACD line is slightly below the signal line, hinting at waning bullish strength. Additionally, the histogram is slightly negative, suggesting a pause in upward momentum. Meanwhile, the RSI stands at 55.93, indicating a neutral market. It’s not yet overbought or oversold, leaving room for movement in either direction.

Significantly, liquidation data reflects aggressive market reactions. As of June 25, over $56 million in short positions were liquidated, compared to only $6.34 million in longs. This imbalance indicates bearish traders being forced out during minor rebounds, which may further fuel upward pressure.