- Bitcoin must hold $105K to maintain bullish momentum and target the $120K level.
- ETF inflows and rising volume reflect growing institutional interest in Bitcoin.
- Failure to hold support may trigger a pullback toward the $70K zone, analysts warn.
Bitcoin (BTC) is trading near $109,614 as market watchers focus on critical support and resistance levels. Analysts suggest that holding above $105,000 could signal a bullish move toward $120,000, while failure may lead to a sharp correction below $100,000.
Support Levels and Bullish Outlook
According to analysis prepared by TedPillows on X, Bitcoin’s recent price surge from $76,000 to $112,000 faced resistance but still maintains bullish momentum. TedPillows stated, “If $BTC holds the $105K level — I’m bullish for a move toward $120K.” The asset’s strong performance comes amid rising US Treasury yields and global economic uncertainty, which have shifted investor behavior.
Institutional interest continues to grow, with Bitcoin ETF assets exceeding $104 billion, according to CoinGlass. This inflow points to increasing recognition of Bitcoin as a store of value amid fiat currency concerns. Market activity data shows rising open interest and trading volume, which may indicate positioning for future volatility or upward moves.
Potential Correction and Technical Signals
On the other hand, some analysts warn of a possible correction if Bitcoin fails to hold key support. Henry, a market analyst, pointed out a potential rounded top forming near June 29, signaling a local peak. He noted, “If this arc plays out, we could revisit the $70K retest zone,” suggesting a significant pullback might be imminent.
Henry’s chart shows a “buy the dip” scenario after a reset below critical levels. The key support zone around $70,000 was previously tested and verified, which may act as a strong foundation if a decline occurs.
Overall, Bitcoin’s path depends on its ability to sustain above $105,000. The current macroeconomic environment and investor sentiment will continue to influence price movement in the near term.
