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Bitcoin is once again at a key point in its cycle, recollecting the $110,000 level with strong bullish action, which is reigniting fresh legs higher. After months of consolidation and volatility, the leading cryptocurrency is now testing key resistance, with analysts watching the breakthrough price discovery. The shift beyond the current high can mark the beginning of a massive phase, driving a wider market momentum.
Top analyst Axel Adler shared new data to emphasize new trader confidence. With record peak (OI) of public interest – a 79% increase in spring 2024, a 59% fall and 36% in May, the growth over the past 30 days has changed significantly. The OI change has shifted from negative -9% to positive +5%, indicating that traders have once again established futures positions, albeit with more cautious and less leverage than in the past stages.
This shift in derivative positioning will gradually return to the cryptocurrency space as macro conditions improve. But the bulls will need catalysts (whether technical or macroeconomic) to violate resistance and maintain breakthroughs. The next few days can define the Bitcoin trajectory for the rest of the quarter.
Bitcoin approaches all-time high, bull’s eye breaks through
Bitcoin is approaching a critical moment as it flirts with an all-time high of $112,000. As bullish momentum accelerates, many investors believe that the market is preparing for a new broad stage. However, as BTC trading approaches record levels, the risk of breakout failure increases. Sentiment remains widespread positive, which is backed by rising stock markets and a decrease in macroeconomic uncertainty. However, analysts warn that unless Bitcoin decisively clears resistance, the possibility of correcting lower levels will increase.
The U.S. stock market reached a new climax, which exacerbated optimism, often a headwind for cryptocurrencies. Still, a breakthrough above $112K will require more than just technical strength – it requires catalyst. Axel Adler points to early signs of belief in derivatives markets. Open interest (OI) growth hit a record 79% in spring 2024, 59% in fall and 36% in May, and now has risen from -9% to +5% in the past 30 days. This shift suggests traders are cautiously re-entering the market, despite lower leverage.
Meanwhile, the bear is expected to defend the ATH zone. To make the Bull successful, it may be necessary to make strong narratives such as presidential support, pious signals or macro triggers that may be necessary to awaken risk appetite and decisively lower bitcoin to price discovery.
BTC price action: close to breakthrough point
The 12-hour BTC/USDT chart shows Bitcoin attempting to exceed a key breakthrough in resistance levels of $109,300. After multiple rejections in June and early July, BTC surged again, printing a powerful candle, and now the price found to be just below the all-time high of $112,000. After successfully defending the $103,600 support zone, the power shifted the support Bulls, which coincides with the 100-day and 50-day SMAs and is currently converging around the $106,200 level.
This mobile average cluster acts as dynamic support, validating short-term bullish forces. During the recent push, the volume also increased slightly, a positive signal that came several weeks after the conviction. A clean and continuous rest period of more than $109,300 will open the way for retesting ATHS and potentially enter a new broad phase.
However, traders should be cautious about potential fakes. This level has served as a company resistance for nearly two months, refusing to send BTC back to a $106,000 support cluster or even a $103,600 level. Currently, the bulls have the upper hand, but then more and more volume will be the key to confirming a real breakthrough and continuing to move towards new highs.
Featured images from DALL-E, charts from TradingView
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