Bitcoin’s (BTC) price action is showing signs of what an analyst has called an “inevitable breakout” toward new all-time highs.
According to cryptocurrency trading expert Michaël van de Poppe, Bitcoin is approaching a critical resistance zone near $110,500, which should be viewed as ‘the area that we need to break to have upwards momentum,’” he said in an X post on June 28.
The analysis suggested that a move above $110,500 could lead to a rapid surge toward record levels.
Notably, the previous breakout above $106,500 pushed the price to $108,000, showing how quickly Bitcoin can move once key liquidity levels are breached.
“Above this level would mean that we start accelerating with the price action towards new ATHs, just like the previous break above $106,500 accelerated the price action towards $108,000,” the analysis noted.
Poppe also highlighted that Bitcoin recently cleared liquidity near $108,924 but has seen only a “slight pullback back before the big breakout to ATH.”
He added that the current consolidation above $107,000 is bullish and could help the asset climb to a new record high in the coming week.
Bitcoin’s key liquidity area to watch
Supporting the possibility of Bitcoin hitting a new high in the coming days is an analysis by Ted Pillows in an X post on June 28.
According to the expert, Bitcoin is showing strong momentum toward the $108,000 and $109,000 liquidity bands.
His outlook was accompanied by Bitcoin liquidity heatmaps showing significant resting orders concentrated in this zone. If BTC claims this level, it could trigger more buying pressure and set the stage for a breakout to new all-time highs.
Bitcoin price analysis
At press time, Bitcoin was trading at $107,256, up about 0.25% in the last 24 hours and over 4% in the past week.
While all elements indicate a bullish price breakout if the maiden cryptocurrency fails to hold its current levels, new buying zones could emerge at $105,500 and even below $100,000. These areas have seen liquidity build-ups and could attract spot buying if the price dips again.
Featured image via Shutterstock
