Bitcoin continues to hover within a consolidation phase after its strong rebound from the $107K zone. While signs of bullish momentum are emerging, the next move will largely depend on whether the price can break through nearby liquidity levels or face rejection and pull back for renewed accumulation.
Technical Analysis
By Shayan
The Daily Chart
On the daily timeframe, BTC is trading inside a well-defined range between $107K support and $123K resistance. The recent influx of buyers at the lower boundary fueled a sharp rebound, allowing the asset to reclaim the 100-day moving average and advance toward the range high.
This structure reflects renewed demand, as participants defend key supports. The decisive trigger now lies at the $123K upper boundary. A breakout above this level would not only mark a new all-time high but also confirm bullish continuation for the broader trend.
The 4-Hour Chart
Zooming into the 4-hour chart, Bitcoin has rallied close to the $117K swing high, where notable buy-side liquidity is positioned just above. While the bullish structure remains intact, a short pullback into the decision-point demand zone at $110.7K–$113.1K cannot be ruled out.
This area has previously attracted strong buying interest, and a successful retest would reinforce the bullish case. If buyers defend this zone and reclaim momentum, the liquidity above the swing high could act as a magnet, potentially fueling a continuation move toward higher levels.
On-chain Analysis
By Shayan
The 1-week Bitcoin liquidation heatmap highlights a dense cluster of liquidations sitting just above the recent swing high, aligning with the liquidity discussed in the 4-hour chart.
Markets often accelerate into such zones, as stop orders and forced liquidations amplify momentum. A clean push through the swing high would likely trigger this cascade, forcing shorts to cover and driving price higher.
This reinforces the outlined scenario: while a brief pullback into demand remains possible, the path of least resistance increasingly points toward liquidity absorption above the swing high, a setup that could serve as a catalyst for continuation toward new highs.
