Bitcoin May Test All-Time High as Support Holds and Buyers Step In on Dips
2025-07-08 18:57:25
Main Idea
Bitcoin is consolidating near $107K-$111K with strong support and neutral indicators, suggesting a potential breakout toward new highs, though key support levels must be monitored for bearish risks.
Key Points
1. Bitcoin is trading between the 20-day EMA at $107,314 and a balance between bullish momentum and seller caution, with potential to challenge its all-time high at $111,980 if it surpasses $110,530.
2. Key support levels include the 50-day SMA near $106,642; a break below this could drive the price down to $104,500 or $100,000.
3. The Mayer Multiple at 1.1x remains neutral (0.8–1.5x), reinforcing a neutral to bullish sentiment for Bitcoin.
4. Buying interest has consistently defended the $107,245 support level, with dips met by buyers, indicating strong underlying demand.
5. A decisive move above $110,530 could confirm bullish momentum, while a break below $106,642 or $107,245 may signal short-term bearish pressure.
Description
Bitcoin’s price action tightens as bulls actively purchase minor corrections, maintaining upward momentum near key resistance levels. Investor sentiment remains optimistic with Bitcoin finding firm support around $107,245, signaling confidence
Latest News
- Scammers May Be Targeting Mt. Gox Bitcoin Address Holding $8.7 Billion in BTC Through Phishing Attempts2025-07-08 23:12:22
- Binance Sees $31 Billion Stablecoin Influx, Suggesting Possible Shift Toward Altseason2025-07-08 23:09:44
- Binance Stablecoin Reserves Surge and Falling Bitcoin Dominance Suggest Possible Altseason in Late 20252025-07-08 22:33:05
- GROK is going rogue. xAis chatbot is now adopting contrarian takes and even throwing insults at users and core values. If this keeps up, it could turn2025-07-08 22:21:53
- BioSig and Streamex Plan Gold-Backed Treasury Amid Tokenized Gold Market Growth2025-07-08 21:57:43