Bitcoin continues to consolidate just below the all-time high of $112,000, holding above the key support level of $105,000 despite ongoing bearish attempts to push the price lower. This tight trading range reflects market uncertainty, but this structure favors the bulls as long as the support levels remain intact.

Meanwhile, macroeconomic conditions are rapidly evolving. The U.S. Congress recently passed President Donald Trump's "huge, terrific" economic stimulus package ahead of the self-imposed deadline of July 4, signaling a new phase of fiscal stimulus marked by tax cuts and robust spending. Combined with positive employment reports, these factors suggest that inflation may soon accelerate — a trend that inherently supports Bitcoin as a hedge against the depreciation of fiat currency.

In terms of market sentiment, the funding rate provides an important clue. According to top analyst On-Chain Mind, the 30-day average of the perpetual funding rate for Bitcoin is currently very low. This reflects a lack of excessive greed and often marks a favorable setup for continued upward movement. Historically, periods of low funding rates often precede strong bullish moves, especially when combined with favorable macro factors. With rising economic pressures and Bitcoin still in a bullish structure, the coming days could define the next major advance for the world's largest cryptocurrency.

Calm Before the Breakout: Bitcoin Rises Above $107,000

Bitcoin has risen over 3% since the beginning of July, holding above the local low of $107,000 despite ongoing resistance at $110,000. This sustained strength signals underlying buyer support and growth momentum as BTC continues to consolidate just below the all-time high. The resistance at $110,000 remains a crucial threshold — once breached, analysts predict a strong move aimed at price exploration as the upward momentum builds.

So far, the market has experienced a wave of macroeconomic and geopolitical volatility. Global trade moves — including rising tariffs, export restrictions, and de-globalization trends — continue to shape market sentiment. However, compared to the strong volatility earlier this year, both Bitcoin and U.S. stocks seem to be showing better resilience. This suggests that much of the uncertainty has already been priced in, helping to mitigate downside risks for risk assets like BTC.

An important technical factor reinforcing the bullish trend is the 30-day low average of the funding rate. This indicator reflects a market environment that is optimistic from neutral to cautious — in stark contrast to the overheated bullish phases that often precede corrections. Such calm periods often set the stage for explosive moves, especially when supply is constrained and strong demand meets a macro environment conducive to risk-taking. With BTC oscillating tightly and market sentiment balanced, a breakout may be imminent.

BTC Holds Steady as Bulls Eye Breakout at $109,300

The 4-hour chart shows Bitcoin (BTC) consolidating within a narrow range, holding above the critical support level of $107,000 and testing resistance around $109,300. This price level has consistently acted as a local ceiling, with several failed breakouts at the end of June and early July. However, the bulls continue to defend higher lows, signaling strength and setting the stage for a potential breakout.

The simple moving averages (SMA) of 50, 100, and 200 are overlapping and gradually trending upward, suggesting that the consolidation phase may soon transition into a more directional move. Volume remains low, often preceding a surge in volatility, especially near key resistance levels.

The support level of $103,600 remains a crucial threshold for the bulls. A break below that level would invalidate the short-term bullish structure and could potentially lead to a deeper pullback. On the positive side, a daily close above $109,300 with volume confirmation could trigger a bullish move aimed at exploring prices above the all-time high.