Bitcoin is once again testing a critical resistance zone, trading just below its all-time high of $112,000. After a strong rebound from June lows, bulls have reclaimed key levels and are now eyeing a decisive breakout into price discovery. However, the path forward is anything but clear. While sentiment remains broadly optimistic—supported by a favorable macro backdrop and renewed strength in US equities—Bitcoin must deliver a clear push above its historical peak to confirm the start of a new expansive phase. According to data from CryptoQuant, futures markets are showing signs of hesitation. Bears have opened a large volume of short positions, betting against a breakout at current levels. Interestingly, despite this increase in short exposure, Bitcoin’s price remains stable, showing resilience in the face of selling pressure. This standoff between bulls and bears is likely to determine the direction of the market in the days ahead. A clean break above $112K could trigger a wave of liquidations, fueling a rapid move into uncharted territory . Conversely, a failed breakout may invite a deeper correction. All eyes are now on this resistance zone, where Bitcoin’s next big move will be decided. Bitcoin Consolidates Below All-Time High as Market Awaits Directional Move Bitcoin is currently locked in a critical consolidation phase just below its all-time high of $112,000. For several weeks, price action has remained tight, oscillating between $103K and $111K, suggesting strong indecision among market participants. This prolonged sideways movement near the top of the range points to significant resistance, with bulls struggling to gain momentum and push the price into discovery. Top analyst Axel Adler shared futures market data revealing that bears have opened a large volume of short positions, anticipating a rejection at the all-time high. Despite this bearish pressure, Bitcoin has shown remarkable stability, dipping only slightly from $110K to $108K in recent sessions. This resilience implies that while bearish bets are increasing, buyers remain active and willing to absorb sell pressure, keeping the structure intact for now. The market is split. On one side, bullish analysts argue that Bitcoin is coiling for a breakout, and a clean push above $112K could trigger a surge driven by liquidations and renewed institutional flows. On the other hand, bearish commentators warn that the failure to break out could lead to a sharp correction, potentially dragging BTC below the $100K level. With volatility compressed and macro conditions favoring risk assets, the coming days are likely to be decisive. A breakout or breakdown from this range will set the tone for the rest of the summer. Until then, Bitcoin continues to build pressure beneath its all-time high, with both bulls and bears watching closely for the next move. BTC Tests Resistance After Failed Breakout Attempt Bitcoin is currently consolidating near the $109,000 level after briefly pushing above short-term resistance at $109,300. As shown in the 12-hour chart, price action has been struggling to break through this level since early May, with repeated rejections forming a clear horizontal barrier. Despite multiple attempts, bulls have not yet been able to sustain a move above the range highs near $110K–$112K. The 50, 100, and 200-period SMAs on the 12H chart all slope upward, with price currently sitting above all three—a positive sign of underlying bullish structure. However, volume has started to decline, which may indicate a weakening of momentum or a wait-and-see approach by traders ahead of a major move. Support is holding around the $103,600 zone, which previously served as a key resistance and now acts as a base for potential upside continuation. The compression between $103K and $110K is forming a tight range, typically a precursor to a strong breakout. If bulls manage to flip $109,300 into support, a retest of the $112K ATH looks likely. However, failure to break higher may invite renewed selling pressure, especially if short positions continue to build. The next few sessions remain critical for Bitcoin’s directional bias. Featured image from Dall-E, chart from TradingView
