Bitcoin is once again testing a critical resistance zone, trading just below its all-time high of $112,000. After a strong rebound from June lows, bulls have reclaimed key levels and are now eyeing a decisive breakout into price discovery. However, the path forward is anything but clear. While sentiment remains broadly optimistic—supported by a favorable macro backdrop and renewed strength in US equities—Bitcoin must deliver a clear push above its historical peak to confirm the start of a new expansive phase. According to data from CryptoQuant, futures markets are showing signs of hesitation. Bears have opened a large volume of short positions, betting against a breakout at current levels. Interestingly, despite this increase in short exposure, Bitcoin’s price remains stable, showing resilience in the face of selling pressure. This standoff between bulls and bears is likely to determine the direction of the market in the days ahead. A clean break above $112K could trigger a wave of liquidations, fueling a rapid move into uncharted territory. Conversely, a failed breakout may invite a deeper correction. All eyes are now on this resistance zone, where Bitcoin’s next big move will be decided. Bitcoin Consolidates Below All-Time High as Market Awaits Directional Move Bitcoin is currently locked in a critical consolidation phase just below its all-time high of $112,000. For several weeks, price action has remained tight, oscillating between $103K and $111K, suggesting strong indecision among market participants. This prolonged sideways movement near the top of the range points to significant resistance, with bulls struggling to gain momentum and push the price into discovery. Top analyst Axel Adler shared futures market data revealing that bears have opened a large volume of short positions, anticipating a rejection at the all-time high. Despite this bearish pressure, Bitcoin has shown remarkable stability, dipping only slightly from $110K to $108K in recent sessions. This resilience implies that while bearish bets are increasing, buyers remain active and willing to absorb sell pressure, keeping the structure intact for now. The market is split. On one side, bullish analysts argue that Bitcoin is coiling for a breakout, and a clean push above $112K could trigger a surge driven by liquidations and renewed institutional flows. On the other hand, bearish commentators warn that the failure to break out could lead to a sharp correction, potentially dragging BTC below the $100K level. With volatility compressed and macro conditions favoring risk assets, the coming days are likely to be decisive. A breakout or breakdown from this range will set the tone for the rest of the summer. Until then, Bitcoin continues to build pressure beneath its all-time high, with both bulls and bears watching closely for the next move. BTC Tests Resistance After Failed Breakout Attempt Bitcoin is currently consolidating near the $109,000 level after briefly pushing above short-term resistance at $109,300. As shown in the 12-hour chart, price action has been struggling to break through this level since early May, with repeated rejections forming a clear horizontal barrier. Despite multiple attempts, bulls have not yet been able to sustain a move above the range highs near $110K–$112K. The 50, 100, and 200-period SMAs on the 12H chart all slope upward, with price currently sitting above all three—a positive sign of underlying bullish structure. However, volume has started to decline, which may indicate a weakening of momentum or a wait-and-see approach by traders ahead of a major move. Support is holding around the $103,600 zone, which previously served as a key resistance and now acts as a base for potential upside continuation. The compression between $103K and $110K is forming a tight range, typically a precursor to a strong breakout. If bulls manage to flip $109,300 into support, a retest of the $112K ATH looks likely. However, failure to break higher may invite renewed selling pressure, especially if short positions continue to build. The next few sessions remain critical for Bitcoin’s directional bias. Featured image from Dall-E, chart from TradingView

Bitcoin is facing renewed volatility as it struggles to break above the $112,000 all-time high. After weeks of consolidation near record levels, market participants are watching closely for a decisive move that could signal the next major trend. Bullish momentum remains intact, but hesitation at key resistance keeps both sides on edge. Macroeconomic conditions are adding fuel to the speculation. The US Congress recently passed President Donald Trump’s long-awaited legislative bill—dubbed the “big, beautiful” bill—just ahead of the self-imposed July 4 deadline. In parallel, the latest job market data beat expectations, signaling a stronger-than-expected economy and boosting risk appetite across global markets. In the derivatives space, CryptoQuant data shows that the 90-day change in open interest (OI) has turned negative—a historically significant signal. When this metric dips below zero, it often indicates capitulation among traders and forced liquidations, which tend to cool off leverage and reset the market for healthier price action. As Bitcoin navigates this volatile mix of technical resistance and shifting macro tailwinds, the coming days could be decisive in determining whether a breakout above $112K is imminent or if another correction lies ahead. Traders remain alert as the stakes continue to rise. Bitcoin Inches Closer To Breakout As Bulls Tighten Grip Bitcoin bulls remain firmly in control, but a decisive breakout into price discovery is still needed to confirm the next leg of the rally. After climbing 47% since its April lows, Bitcoin now trades less than 2% below its $112,000 all-time high. The market is heating up, driven by waning macroeconomic uncertainty, strong equities performance, and growing investor optimism. However, with resistance so close, the next few days will be pivotal. A firm push above the all-time high could unlock a powerful expansion phase, while failure to break through may lead to a corrective retrace. Analysts are closely watching both technical and on-chain data to gauge the next move. Top analyst Darkfost shared key insights into derivatives activity, highlighting the importance of tracking the 90-day change in open interest (OI). This metric gives a snapshot of how leveraged the market is. When the 90d OI percentage flips negative, it typically signals mass liquidations or capitulation among overexposed traders, resulting in a sharp drop in open interest. According to Darkfost, these deleveraging events—especially during bull markets—have consistently created attractive opportunities to build long positions or dollar-cost average (DCA) in the spot market. They reduce risk by flushing out weak hands and clearing excessive leverage. With current data showing a recent dip in OI followed by stabilization, many traders view this as a potential reset ahead of a breakout. As Bitcoin consolidates near historic highs, the stage is set. Either bulls push beyond resistance and into uncharted territory, or bears gain temporary control. For now, momentum favors the upside—but confirmation remains key. BTC Price Action Remains Range-Bound Below ATH Bitcoin continues to trade below the key resistance at $109,300, as seen on the 4-hour chart. After failing to establish a clear breakout above this level, the price has retreated slightly to around $109,010 at the time of writing. The zone between $108K and $109.3K has become a critical area of consolidation, with both bulls and bears fighting for short-term control. The 50, 100, and 200-period moving averages are all trending upward and converging near the $106K–$106.5K region, providing strong dynamic support. Price remains above these moving averages, suggesting a bullish structure remains intact despite the recent stalling. Volume has decreased during the recent leg up, hinting at potential exhaustion, but not necessarily a reversal. A retest of the $109.3K resistance or a breakdown toward the $106K–$105K support zone could occur before any decisive move. The lower support at $103,600 continues to serve as a key level that, if broken, could signal a deeper retrace. For now, Bitcoin is in a tight consolidation range, and traders are waiting for a breakout above $109.3K or a breakdown below $106K to determine the next trend direction. Until then, volatility and uncertainty are likely to persist. Featured image from Dall-E, chart from TradingView

• Bitcoin futures funding rates flipped negative, suggesting a potential price rebound ahead.
• Momentum for Bitcoin is improving with BTC eyeing the ATH.

The Bitcoin (BTC) futures funding rates have brought optimism for bulls. Notably, this metric flipped negative in late June. During this period, the BTC spot price climbed from below $100,000 to $108,000. In the past, such a divergence indicated a major price boom ahead for Bitcoin. In one cycle, the price of BTC surged 80%. Will Bitcoin Price Follow Historical Trends Onchain data analytics platform CryptoQuant revealed that the Bitcoin futures perpetual funding rates have turned negative. A negative funding rate means short-position holders are paying long traders to maintain their contracts. This is typically a sign of bearish market sentiment. However, a persistent negative rate may suggest the market is oversaturated with bearish bets. This could precede a price rebound if shorts are forced to buy back their positions. When futures funding rates slipped in September 2024 and July 2023, BTC soon experienced 80% and 150% gains, respectively. Considering this performance, the leading coin may be gearing up for fresh rallies ahead. Analysts claimed the bearish reset may have already played out.   Bitcoin Funding Rates | Source: CryptoQuant According to CoinGlass liquidation data, $111,320 on the BTC/USDT pair shows the highest concentration of predicted liquidations in the past three months. Within this price level, the data revealed an estimated $520.31 million in leveraged positions at risk.  This liquidity, if tapped, could trigger a short squeeze. In this case, forced buybacks from short traders could drive prices higher. Two major factors that influenced the latest BTC rally are ETF inflows and fading confidence in fiat strength. In a recent update, we covered that the US dollar declined nearly 11% in 2025, reaching lows not seen in decades.  Amid the weakened dollar, the US spot Bitcoin ETFs recorded over $4.63 billion of net inflows in just three weeks. Long-term holders continue to buy Bitcoin. In H1 2025, Bitcoin minted over 26,000 millionaires, indicating its soaring adoption. BTC Moves Closer to ATH Bitcoin, the leading cryptocurrency, is currently trading at $110,306. In the last 24 hours, the BTC price has increased by 2.3%. The daily trading volume also surged over 24% to $58.4 billion. The rally indicates that momentum has resumed as investors show renewed interest in the coin. Based on the latest price performance, BTC is moving closer towards its All-Time High (ATH) of $111,924. Technical analysis also points to a potential rally on the horizon.  Analyzing the daily chart revealed a breakout above the upper trendline of a bull flag pattern. The movement of this pattern points to a potential target near $117,500, based on the prior flagpole. This price closely aligns with $116,000 forecasted by 10x Research’s Markus Thielen for the end of July. Standard Chartered has also raised an optimistic outlook for BTC. As noted in our earlier post, the global bank targeted BTC at $135,000 in Q3. This projection aligns with an earlier forecast from Berstein Research, as detailed in our last news piece.