Bitcoin breaks above $111,200, confirming a bullish flag breakout on the daily chart.
Price swept liquidity and posted a new all-time high before facing $111,742 resistance.
Immediate support rests at $108,610 as traders monitor breakout continuation or reversal.
Bitcoin’s price action on the daily chart delivered a notable technical breakout. The cryptocurrency confirmed a bullish flag pattern, with prices moving decisively above the flag’s resistance boundary. Notably, the breakout drove the price to $111,266, marking a new all-time high on this timeframe. The move followed a liquidity sweep, where the market cleared resting orders before continuing upward. However, the breakout now faces an immediate resistance zone at $111,742.
The recent increase, up 2.3% over the last 24 hours, highlights Bitcoin’s current momentum. But questions remain regarding the sustainability of this breakout. Some traders are watching for a possible trap scenario, where late buyers could be caught if the price reverses. As of now, support has been established at $108,610, providing a near-term safety net if selling pressure emerges.
Bitcoin Tests Resistance at $111,742 as Traders Monitor Narrow Trading Range
Once breaking out of the flag pattern, the bullish run made quick progress to a significant resistance point of about 111,742. This resistive area, which acted as the ceiling on earlier increases in prices, has become a significant obstacle to buyers. Should Bitcoin continue to gain purchasing momentum beyond this level, further upside gains are likely to be driven.
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Nonetheless, the price is currently trading inside the narrow 24-hour range of $108,610 to $111,742. This narrow spread indicates a market currently weighing its next direction. Traders remain attentive to how price interacts with these technical levels. The strength of this breakout will likely be tested as the market evaluates whether demand can absorb upcoming sell orders.
Liquidity Sweep Sparks Uncertainty as Smart Money Eyes Key Levels
Beyond the technical breakout, the market’s liquidity sweep captured traders’ focus. This event triggered stop-loss orders and cleared out short-term positioning, often a precursor to strong directional moves. Whether this liquidity event marks the start of a sustained rally or a trap for late entrants remains under observation.
Smart Money, representing larger, more strategic participants, will likely dictate the next phase. Their response at resistance could determine short-term price action. Unless it moves further confirming direction, the support at 108610 and resistance at 111742 in Bitcoin remain the key reference levels.
