Peter Smith
Bitcoin's recent price action has been testing traders' patience. After hitting a local peak near $123,000 and pulling back, BTC has been moving sideways—building what looks like a textbook consolidation pattern. The key question now: can Bitcoin reclaim the $112,000 resistance and kickstart its next leg higher?
Chart Breakdown: The Battle at $112K
According to trader Michaël van de Poppe, the answer is straightforward: "Break that level and we're going into happy land." Until then, expect more sideways movement and cautious sentiment across the crypto market, especially in altcoins.
Daily chart highlights a liquidity-driven structure with clearly defined zones:
- Resistance at $112K: This is the make-or-break level. Bitcoin swept liquidity here multiple times, forming several tops. A decisive close above $112K would invalidate prior rejections and open the path toward $119,500–$123,200—the next major resistance zone before a potential new all-time high.
- Support at $107K: Bulls are holding strong around $107,260, a high-volume zone where buyers have historically stepped in. Below that, the $103K–$104K range represents another solid accumulation area. As the chart notes, "If history repeats, then beneath here = great entry."
- Momentum & Volume: The RSI sits neutral—no exhaustion, no overheating. Volume spikes align with liquidity sweeps and local bottoms, suggesting smart money is quietly positioning. Bitcoin is compressing just below its moving average, a classic sign something bigger is brewing.
What Happens Next?
If Bitcoin breaks and holds above $112K, expect rapid movement toward $119K–$123K, possibly setting up a new all-time high. Altcoins would likely follow once BTC confirms strength.
If support fails at $107K, a retest of $103K is on the table—but even that could offer a strong long-term entry, according to historical patterns.
Bitcoin's chart reflects a healthy consolidation after strong gains earlier this year. Liquidity has been cleared, support is holding, and volume suggests accumulation rather than selling pressure.
For now, all eyes are on $112K. Break it, and we could be looking at the next major wave higher. Until then, BTC is playing the waiting game—building the base before the breakout.
Peter Smith
