- Bitcoin price had been consolidating below its My highs of $112k but recently lacked a decisive trigger to build traction above $110k.
Bitcoin price hit new all-time highs of $112,040 on Wednesday after breaking out from a prolonged consolidation below its May high. The coin has been primarily held afloat by institutional flows from spot ETF trading, and technical momentum. However, the crypto market bellwether lacked a clear trigger to build traction above $110k.
Bitcoin’s consolidation between $105–111 k highlighted investor caution in the absence of fresh catalysts. Failure to breach this zone decisively may lead to a retracement, but the undercurrent of whale support and ETF inflows is tilting momentum upward. That said, While short-term volatility remains capped by technical resistance and macro uncertainty, the prevailing fundamental narrative favors upside.
On the technical front, the new all-time high came after breaking decisively above the psychological barrier at $110k-111k late on Wednesday. The move has yielded an upbeat sentiment that will likely see the $120k mark become a valid target in the near-term. However, it then slid marginally to trade at $110,867 at the time of writing.
Meanwhile, the coin’s daily RSI was at 61 at the time of writing, adding credence to the upside view. Furthermore, its 24-hour trading volume was high by 23%, affirming growing buyer appetite. Therefore, I expect the coin to stay on the upward trajectory heading into the weekend.
Bitcoin Price Prediction
The momentum on Bitcoin price will favour it to stay on the ascent above the pivot mark at $. With the buyers in control, the BTCUSD pair will likely rise higher and meet primary resistance at $112,022. However, a stronger momentum will clear that barrier and push the action higher to test $113,000.
Alternatively, the coin could break below $110,000 and shift the momentum to the downside. If that happens, it will likely find initial support at $108,475. The upside narrative will be invalid if the price breaks below that level. In addition, an extended control by the sellers could extend the downside and test $107,120.
