Key Points:
Bitcoin's price is consolidating around $107,000, with liquidity accumulating near historical highs.
Analysts state that the support/resistance flip at $109,000 is essential for bulls, as new all-time highs become "inevitable."
Bitcoin saw a slight increase over the weekend, climbing to $108,000 on Sunday, up to 3%, reflecting similar trends across the entire crypto market.
After absorbing some liquidity around $108,000, traders indicated that setting a new all-time high is "inevitable" due to the accumulation of buy orders above $109,000.
Since falling below $108,000 on June 11, Bitcoin's price has remained below this level. This price point remains crucial for traders.
Michael van de Poppe, founder of MN Capital, noted that Bitcoin is hovering around $107,450, suggesting that after absorbing some liquidity near $108,000, BTC may experience a slight pullback before breaking to new all-time highs.
The accompanying chart shows that $109,000 is a key level to watch in the BTC four-hour timeframe. Van de Poppe stated, "This is the area we need to break through to gain upward momentum." He added:
Anonymous analyst Mags shared a chart indicating that Bitcoin's price action is forming an inverted head and shoulders pattern on higher timeframes.
The target of this classic pattern is a new all-time high, once the price breaks the neckline of the pattern at $112,000.
Analysts stated:
Analyst Jelle expressed a similar view, stating that a breakout from Bitcoin's bullish flag could trigger a significant rally into the price discovery phase.
As reported by Cointelegraph, the $108,000 to $110,000 level is an important psychological boundary, and a breakout would impact market sentiment.
Several traders are watching for potential liquidity grabs, with buy orders thickening below the spot price, while other orders are accumulating above $109,000.
"Bitcoin is pushing towards the liquidity at $109,000 this morning, as mentioned last night. The question is, does it have enough strength to continue pushing and hold?" crypto analyst AlphaBTC stated in a post on X on Monday.
The latest data from monitoring resource CoinGlass shows that buy orders around $108,000 have been consumed in the past 24 hours, with most interest concentrated between $109,200 and $111,000.
Over $47.6 million in liquidity is located at $109,500.
The cluster between $107,000 and $107,400 is the main liquidity area for downside.
If liquidity between $110,000 and $112,300 is consumed, the ensuing short squeeze could push BTC back into the price discovery phase.
As reported by Cointelegraph, the more concentrated the liquidity near the $112,000 all-time high, the greater the expected potential upside.
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Original article: “Bitcoin (BTC) New High Now ‘Inevitable,’ BTC Price Aiming for $109,000 Liquidity”
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