Bitcoin is facing resistance just below its $112,000 all-time high, struggling to break into price discovery as the market gains momentum. After reaching a high of $110,500 yesterday, BTC has retraced over 2%, but price action remains bullish. Traders are closely watching this consolidation, which may act as a springboard for a decisive move upward.
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According to top analyst Ted Pillows, multiple technical indicators support a bullish outlook. Notably, Bitcoin has just confirmed a bullish MACD crossover on the daily timeframe, which is often a precursor to upside continuation. Adding to the bullish case is Bitcoin’s highest monthly close in history, a key psychological milestone that could bring new inflows and spark renewed interest from sidelined investors.
The current setup points to a market that’s primed for upside, provided buyers can reclaim the $112K level. As macroeconomic uncertainty fades and bullish momentum builds across the crypto space, Bitcoin could soon enter uncharted territory. All eyes are on the next few sessions as BTC tests critical levels with strong technical backing.
Bitcoin Nears Crucial Breakout Phase Amid Bullish Momentum
Bitcoin has gained over 10% since June 22, climbing from local lows near $98,000 to current levels around $108,000. This steady advance reflects renewed optimism across the crypto market, but the asset now enters a critical phase. Price action has stalled just below the $112,000 all-time high—a resistance level that has capped Bitcoin’s upside since late May. The coming days will be decisive, as a breakout above this level could trigger price discovery, while a rejection may open the door for a broader pullback.
Despite the short-term uncertainty, the long-term outlook remains firmly bullish. Many analysts argue that an eventual move beyond $112K is inevitable, driven by favorable macro trends, strong institutional interest, and growing demand for spot ETFs. Still, caution is warranted. A failure to hold current support levels—especially the $105,000–$106,000 zone—could lead to a drop below $100,000 and shake out overleveraged positions.
Ted Pillows remains confident, stating, “You can’t be bearish on Bitcoin now.” His view is based on a confluence of technical factors: a confirmed bullish MACD crossover, a clean support retest, and Bitcoin’s highest monthly close on record. These signals, combined with steady momentum, suggest that a new all-time high could be just days away.
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BTC Faces Rejection At $109K, Eyes Key Support At $106K
Bitcoin’s price is consolidating after failing to hold above the $109,300 resistance level, as seen on the 4-hour chart. After briefly tapping above $110,000, BTC retraced and is now hovering around $107,961. This rejection suggests that the all-time high zone remains a major obstacle for bulls despite the ongoing uptrend. Price is now testing the 50 SMA (blue line), currently acting as dynamic support, while the 100 and 200 SMAs (green and red) below provide a broader safety net in the $106,000–$106,500 region.
The key level to watch remains $109,300. A decisive break and close above this level on strong volume would likely signal the start of price discovery. However, if bears manage to push BTC below $106,000, we could see a retest of the $103,600 support—an area that has held multiple times since late May.
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Volume is relatively low compared to previous impulse moves, indicating that the current pullback may be a healthy pause rather than a trend reversal. For now, Bitcoin’s structure remains bullish, with higher highs and higher lows intact. If bulls can defend this support zone and regain momentum, a new attempt at breaking $112,000 may come sooner rather than later. The next 48–72 hours will be critical.
Featured image from Dall-E, chart from TradingView
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