๐ฅ #Bitcoin Flashes Bullish MACD โ Monthly Close Adds Fuel to Rally Hopes
Bitcoin struggles to breach price discovery just below its $112,000 all-time high as the market gathers momentum. After hitting $110,500 yesterday, #BTC has retraced almost 2%, but price activity remains optimistic.
Bitcoin Nears Critical Breakout Amid Bullish Momentum
Bitcoin has risen almost 10% since June 22, from $98,000 to $108,000. This consistent rise shows crypto market confidence, but the asset is entering a crucial period. Bitcoin has been stuck below the $112,000 all-time high since late May.
Despite short-term uncertainties, the long-term prognosis is bright. Many experts believe a climb over $112K is imminent due to positive macro factors, significant institutional interest, and rising spot ETF demand. Still, be careful. Failure to maintain support levels, notably $105,000โ$106,000, might drop below $100,000 and shake out overleveraged holdings.
The 4-hour chart shows Bitcoin stabilizing after failing to break $109,300 barrier. Following a short break over $110,000, BTC is trading at $107,961. This rejection implies that bulls still struggle to reach the all-time high zone despite the rise. Price is testing the 50 SMA (blue line), which provides dynamic support, while the 100 and 200 SMAs below give a bigger safety net in the $106,000โ$106,500 zone.
The $109,300 threshold is crucial. A significant break and closing above this level on high volume may indicate price discovery. However, if bears drive BTC below $106,000, it might retest $103,600, which has held many times since late May.
A healthy pause rather than a trend reversal may be indicated by low volume compared to recent impulse movements. Bitcoin's structure continues positive, with higher highs and higher lows. Bulls may try to breach $112,000 again if they can defend this support zone and restore momentum. The next 48โ72 hours matter.
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