Bitcoin Bulls May Need to Hold Above $109,000 to Support Potential Breakout Above $111,980
2025-07-03 17:18:41
Main Idea
Bitcoin shows strong bullish momentum with potential for a breakout above $111,980, supported by ETF inflows and declining exchange supply, but faces resistance at key levels.
Key Points
1. Bitcoin's price rebounded from the $105,000 support level, with a closing above the downtrend line indicating renewed buyer strength.
2. Significant inflows into spot Bitcoin ETFs have increased institutional demand, bolstering Bitcoin's upward trajectory.
3. Declining Bitcoin supply on exchanges limits available liquidity, potentially amplifying price movements during demand surges.
4. Technical resistance is expected between $110,500 and $111,980, with a decisive break above this zone needed for further gains.
5. Market sentiment remains positive, with strong ETF inflows and institutional interest supporting Bitcoin's potential to reach new highs.
Description
Bitcoin’s recent price action signals a potential breakout above its previous all-time high, driven by strong bullish momentum and favorable market conditions. Key technical indicators and market dynamics suggest that
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