Bitcoin Tests $110,000 Mark, Bullish Momentum Persists Above $105,000

Bitcoin has been testing the waters above its all-time high, briefly surpassing the $110,000 mark but failing to maintain a firm close above it. Despite these pullbacks, the bullish momentum remains strong, with the price consistently defended above the $105,000 level. This key support level has become a foundation for further upside, suggesting that a bullish continuation could be on the horizon, especially if buying momentum returns in the coming days.

Top analyst Axel Adler has identified a compelling signal from the 30-day percentile funding rate across major exchanges. According to his analysis, every time this metric dropped to the 50% level, it marked a local bottom. Each occurrence was followed by a significant trend reversal and resumption of the broader uptrend. This pattern was observed in September 2023, May 2024, September 2024, and April 2025, with the last instance preceding a surge to $112,000. Currently, the percentile stands at 54%, indicating sustained bullish momentum.

As long as funding remains neutral and the price stays above $105,000, Bitcoin appears primed for another leg higher. The breakout above all-time highs may just be a matter of time. However, caution is warranted. If the metric rises toward the 80% level, it could indicate excessive leverage and foreshadow a correction. Until then, Bitcoin appears well-positioned, but its fate depends on whether bulls can finally push it into price discovery, or whether the hesitation opens the door to a larger retrace.

Bitcoin is currently trading around $108,790 on the 12-hour chart, showing resilience near its all-time highs. The $109,300 level remains a stubborn resistance zone, having been tested multiple times since May but not yet convincingly broken. However, bulls have repeatedly defended the $103,600 support zone, which aligns with previous consolidation areas and psychological significance. This tight range, between $103,600 and $109,300, has formed a multi-week consolidation pattern, hinting at an imminent breakout.

The 50 and 100 simple moving averages (SMAs), currently at $106,318 and $106,596, respectively, are trending upward and providing near-term support. The 200 SMA, located at $98,837, sits far below the current price and highlights the strength of the ongoing macro uptrend. Volume remains relatively neutral, with no signs yet of a major breakout or breakdown, though volatility has compressed slightly, often a precursor to larger moves.

If Bitcoin breaks and holds above $109,300, it could quickly accelerate toward new highs and enter price discovery. On the other hand, failure to sustain this level might trigger another retest of $106,000 or even the $103,600 base support. With macro conditions stabilizing and bullish sentiment returning, the next few sessions may decide Bitcoin’s near-term direction.