Bitcoin Nears $109,000: Is the July Breakout Inevitable?
Bitcoin teases a historic surge—flirting with $109,000 as bulls gear up for a potential July reckoning. Will institutional FOMO or another 'rug pull' define this cycle?
The king of crypto dances on the edge of a parabolic move. No guarantees, but the charts scream volatility ahead.
Meanwhile, Wall Street hedges with Bitcoin ETFs while retail traders pray for a moonshot. Some things never change.
- Bitcoin trades at $109,090, just below 1% of breaking through the key $109,200 resistance level.
- On-chain data indicates robust accumulation at $106,360, which strengthens bullish belief amongst long-term investors.
- A surge above $109,200 could ignite a rally towards $110K–$115K, if volume reinforces momentum.
Bitcoin (BTC) is approaching the critical $109,000 mark, sparking bullish anticipation among traders. After a brief dip to $107,650, the asset rebounded, reclaiming key support levels. Currently trading around $109,090, Bitcoin appears poised for a potential breakout with less than 1% needed to pierce the psychological resistance zone.
Recent rally pushed BTC past $108,500, overcoming the 50% Fibonacci retracement of its $109,700 swing high. Above its 100-hourly simple moving average, the structure is positively bullish. Chart indicators are suggestive of building momentum, given that buying resurfaces in the NEAR term prior to the critical month of July.
Key Support at $106,360, Bullish Accumulation Confirmed
Fresh on-chain data presented by SentoraHQ indicates an essential bitcoin support area at $106,360. Crypto analyst Ali Martinez identified this spot as a region of intense accumulation, indicating that long-term investors are bullish.
The buying interest in these regions reinforces bullish sentiments and strengthens the argument for a near-term breakout above $109,000. Traders are calling for a push to either break that resistance or confront renewed selling. The decreasing gap further creates a sense of immediacy now that the July 12th breakout deadline approaches.
Bitcoin Support Zones: $108,400 to $107,500
Technically, Bitcoin is moving within a symmetrical triangle on the 4-hour chart, typically a continuation pattern. The 50-day EMA above the 200-day EMA adds bullish weight. The Squeeze Momentum Indicator shows pressure building, though the ADX reads weak at 13 (4h) and 17 (1h), hinting at low trend strength.
The following major resistance comes in at $109,200, which also coincides with the 76.4% Fib retracement off the recent decline. A close above this potential barrier could open the gates towards $110,000.
Continuous bullish pressure could see the rally reach $112,000 or even $115,000, should volume accompany the charge above overhead resistance areas. But inability to pass $109,200 can bring about yet another fall.
Current support comes at $108,400, firm support at $108,200, and $107,500. A fall through them can see BTC down to $105,500 or even $103,500. While there are these risks, current indicators and accumulation are in favor of the bulls, indicating they are still in charge.
