Bitcoin: Price Breaks Out Of Consolidation And Retests The $112,000 High (Technical Analysis)

Summary Bitcoin surged 2.8% on Wednesday to retest May’s all-time high. Profit-taking signals emerge from long-term holders’ on-chain activity. $110,530 support to prevent Bitcoin from falling back into its eight-week range. By Sholanke Dele Bitcoin price surprised traders on Wednesday by posting a sharp 2.8% surge, its biggest gain in six days. The move broke through a narrow five-day range between $107,350 and $109,800, pushing price above June’s high at $110,530 and retesting the $112,000 all-time high that last printed in May. That breakout flipped the week’s performance from negative to positive and pushed July’s gain to 3.8%. Volume on the breakout day was stronger than the previous 14 sessions, confirming market conviction behind the move. But despite that, price action on Thursday has stalled. Bitcoin has hovered around $111,300 from the Asian session through the European session, showing signs of hesitation after Wednesday’s strength. BTC price dynamics (January – July 2025). Source: TradingView Sentiment hasn’t shifted much, either. The Binance fear and greed index is still in neutral territory at 58, a slight uptick from 52 the previous day. Traders are yet to show full commitment to a continuation above all-time highs. Bitcoin RSI and EMAs keep bullish structure, but hesitation near $112k limits upside Meanwhile, on-chain data flagged movement of dormant Bitcoin from long-term holders who had held coins for seven to ten years. These kinds of transfers often suggest profit-taking, especially after price reaches high-value areas like all-time highs. On the technical front, both the daily and 4-hour RSI are still showing bullish momentum, and price structure is supported by upward-trending EMAs. Bitcoin currently trades between two key levels: $110,530, now acting as support, and $112,000, which serves as resistance. If the price slips below $110,530, there’s a high chance Bitcoin may pull back into the consolidation range that has held for the last eight weeks between $100,000 and $112,000. But if bulls manage to absorb supply and reclaim strength above $112,000, it opens the door for a fresh breakout. Traders had aggressively shorted Bitcoin for nine weeks, but spot buyers defended 100k support . RSI stayed above 50 and signalled strength as Bitcoin held key levels. This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer . While we adhere to strict Editorial Integrity , this post may contain references to products from our partners. Original Post

Source: Seeking Alpha