Bitcoin Surges 4% Approaching $111K All-Time High

Bitcoin is currently experiencing a surge in price, approaching its all-time high of $111K. This upward momentum is driven by renewed buying interest and strong technical indicators. The market sentiment has shifted positively, with expectations growing for a potential breakout that could push BTC to the $120K range in the near future.

On the daily chart, Bitcoin has shown solid bullish momentum after a healthy pullback to the $106K support level. This rally is likely due to sustained accumulation within the $100K–$111K consolidation range. A key bullish signal, the Golden Cross, has emerged as the 100-day moving average crossed above the 200-day moving average. This technical pattern is historically associated with longer-term bullish trends, reinforcing the current upward trajectory and investor confidence.

However, Bitcoin now faces a critical test at the $111K all-time high. A successful breakout above this psychological and technical barrier could ignite a fresh impulsive leg upward, with the $120K mark as the next major target. On the 4-hour timeframe, Bitcoin initially faced rejection at the upper boundary of a descending wedge near $108K, triggering a brief dip to $106K. This move was likely a liquidity sweep, a strategic pullback designed to trap retail sellers and enable smart money to accumulate long positions.

Following this, the Bitcoin price broke above the wedge structure and completed a bullish retest, confirming the breakout. The cryptocurrency is now gaining momentum again, eyeing the $111K liquidity pool, where a cluster of stop orders likely resides. This area is of high interest to large players seeking to trigger a buy-side liquidity cascade. If bulls can reclaim this level, a breakout is likely to follow, potentially propelling Bitcoin to new highs around $120K.

On-chain analysis reveals that a notable cluster of liquidation levels sits just above Bitcoin’s all-time high of $111K. These zones often act as liquidity magnets, drawing price action toward them. Large market participants, commonly known as whales, strategically target these levels to enter or exit positions efficiently. If reached, this could spark a short-squeeze, amplifying upward momentum and potentially pushing BTC to new highs. However, this liquidity cluster also reflects persistent selling pressure around current levels. Sellers remain active, keeping the $111K resistance firm. As such, this threshold stands as a critical decision point. A confirmed breakout above could initiate a powerful bullish continuation, while a failure to breach it may result in another rejection and possible retracement.