Kraken Observes Bitcoin’s Bullish Consolidation: $110K Breakout Imminent?

Bitcoin's price action is currently exhibiting signs of consolidation following a recent surge above $108,500, with the cryptocurrency now testing critical resistance levels. The BTC/USD pair has formed a rising channel on hourly charts, indicating potential upward momentum if the support level at $107,850 holds firm. Market participants are closely monitoring the $110,000 threshold, as a decisive breakout could pave the way for further gains toward $110,500 and beyond. This retracement phase is seen as a healthy consolidation before the next potential upward move. Analysts on Kraken and other major exchanges are optimistic, suggesting that the current technical setup aligns with historical patterns that precede significant price surges. The bullish sentiment is further supported by increasing institutional interest and positive macroeconomic factors influencing the cryptocurrency market. As of July 4, 2025, the overall outlook for Bitcoin remains strongly positive, with many anticipating a new all-time high in the near term.

Bitcoin Price Coiling Up — Is a Surge Past $110K on Deck?

Bitcoin's price action shows signs of consolidation after a fresh surge above $108,500, with the cryptocurrency now testing key resistance levels. The BTC/USD pair has formed a rising channel on hourly charts, suggesting potential upward momentum if support at $107,850 holds.

Market participants are watching the $110,000 level closely, as a decisive break could open the path toward $110,500 and beyond. The current retracement finds support NEAR the 23.6% Fibonacci level of the recent upswing from $105,116 to $110,578.

Trading volume and order book data from Kraken indicate sustained buying interest, though overhead resistance remains formidable. Bitcoin's ability to maintain its position above both psychological support at $108,000 and the 100-hour moving average underscores the market's underlying strength.

Ethereum Price Gathers Strength — Bulls Prepare for Upside Extension

Ethereum's price has surged past the $2,550 resistance level, signaling renewed bullish momentum. The cryptocurrency now trades above $2,575, supported by a rising channel pattern on the hourly chart. Market participants are eyeing the $2,650 threshold as the next critical resistance zone.

The upward MOVE follows a rebound from the $2,373 swing low, with ETH currently holding above its 100-hour moving average. Trading activity on Kraken shows the formation of higher lows, suggesting accumulation by institutional players. A decisive break above $2,650 could trigger accelerated buying pressure toward the $2,800 psychological level.