Bitcoin surged past $109,000 today, marking a significant technical breakout that has analysts monitoring the $118,000 resistance level. The move comes with increased trading volume, suggesting sustained buyer interest despite recent consolidation patterns. Market structure remains bullish, with $108K-$109K now acting as support.
Key price developments
• Current trading price: $109,569 (1.71% daily gain)
• 24-hour volume: $54.97B (18% increase)
• Next resistance: $118,000
• Critical support zone: $108,000-$109,000
Technical indicators show room for upward movement, with the Relative Strength Index (RSI) in neutral territory. A daily close above $109K could validate the breakout, potentially triggering moves toward $120,000. This price action follows Bitcoin’s 2.46% June gain despite starting July with minor corrections .
Market analysis
Traders are watching two key scenarios:
1. Bull case: Sustained momentum above $109K could reach Fibonacci extension targets at $117,300-$128,100
2. Correction risk: Failure to hold $105K support may trigger pullbacks toward $98,000
The current consolidation phase reflects market indecision, though institutional accumulation appears strong at higher support levels. Analysts note that breaking the descending wedge pattern on daily charts requires decisive volume-backed closes above $111,000.
