Bitcoin’s price is coasting along at $108,832 to $109,067 today, marking continued strength in its ongoing recovery trend. With a market capitalization of $2.16 trillion and a 24-hour trading volume of $23.73 billion, bitcoin fluctuated within a tight intraday range of $107,591 to $109,067.
Bitcoin Price Watch: Bullish Momentum Builds as BTC Eyes Higher Price Points
This article was published more than a month ago. Some information may no longer be current.
WRITTEN BY
SHARE
Bitcoin
The 1-hour BTC/USD chart illustrates a short-term recovery following a recent sell-off, underscored by a succession of higher lows and strong green candles. Bitcoin found solid support at $107,471 and is testing near-term resistance around $109,711. Volume surges have accompanied these moves, reinforcing bullish momentum. Traders are finding entry points between $108,000 and $108,500 during minor dips, targeting exits as resistance nears $109,500 to $110,000. This signals a potential for short-term breakouts if buying pressure holds.
On the 4-hour chart, bitcoin appears to be consolidating with a slight bullish tilt. The price is coiling between support at $107,238 and resistance at $110,557. Candle formations from July 5 to July 7 showed market indecision, but the recent attempt to break out signals an underlying upward bias. A retest of $108,000 with robust volume would validate a mid-range long position, while exit levels are identified between $109,800 and $110,500 should momentum fade.
From a macro perspective, the daily chart shows bitcoin recovering from its $98,240 bottom. The trajectory remains upward, albeit choppy, with buyers stepping in near the $104,000 to $105,000 support zone during late June. The key resistance at $110,587 remains unbroken, and traders are closely watching for a sustained move above $108,000 to confirm a bullish continuation. Exiting between $110,000 and $111,000 may offer prudent gains near historical resistance levels.
Oscillator readings present a neutral-to-slightly- bullish sentiment. The relative strength index ( RSI) stands at 56, Stochastic at 73, commodity channel index (CCI) at 65, and average directional index (ADX) at 9—all indicating neutrality. However, the momentum indicator shows a value of 1,494 ( bullish signal), and the moving average convergence divergence ( MACD) level is 926 ( bullish signal), both suggesting the potential for continued upside.
Moving averages (MAs) further reinforce the bullish stance. All major short- and long-term averages—from the exponential moving average (EMA) and simple moving average (SMA) of 10 to 200 periods—show buy signals. These include the EMA (10) at $108,153, SMA (20) at $106,705, EMA (50) at $105,314, and SMA (200) at $96,521, providing strong technical support across timeframes. Together, these indicators paint a scenario where bullish momentum may extend, provided the price sustains above key support thresholds.
Bull Verdict:
Bitcoin’s alignment of strong buy signals across all major moving averages, coupled with bullish entries on momentum and the moving average convergence divergence ( MACD), suggests favorable conditions for further upside. If price holds above $108,000 and breaks through $109,500 with volume confirmation, the path toward retesting $110,500 to $111,000 appears technically justified.
Bear Verdict:
Despite the bullish bias, multiple oscillators remain neutral, and the market has yet to break key resistance at $110,587. A dip below $107,500 would invalidate the bullish structure and open the door for a downside retest of the $105,000 support zone or lower, particularly if volume dries up and momentum weakens.
