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Cryptocurrency News Articles

Bitcoin's Dance Around $108.6K: Will the Bulls Break Through?

Jul 03, 2025 at 01:44 am

Bitcoin is showing resilience, hovering around $108.6K. On-chain data shows improving investor confidence, but a substantial sell wall at $108.6K poses a challenge. Can Bitcoin break through?

Bitcoin's Dance Around $108.6K: Will the Bulls Break Through?

Bitcoin's Dance Around $108.6K: Will the Bulls Break Through?

Bitcoin is showing resilience this week, holding above key support levels. Investor confidence is improving, but a substantial sell wall at $108.6K poses a challenge.

On-Chain Data: A Bullish Whisper

According to Glassnode, Bitcoin dips have remained shallow, staying above the one-month realized price of $105,100. Short-term holders are still in profit, signaling improving market momentum. This suggests that recent pullbacks haven't triggered panic selling, indicating steady investor sentiment.

The $108.6K Stumbling Block

However, market structure faces resistance. CoinGlass's orderbook heatmap reveals a dense cluster of sell orders at $108,600, forming a strong sell wall. There's about $65.6 million worth of leveraged positions at risk of liquidation around this price level. If Bitcoin dips below this, it could trigger increased volatility.

Technical Outlook: A Tug-of-War

Bitcoin pulled back to $105,250 after failing to break $109,000, hinting at consolidation. Technically, it's trading between a downtrend line and key moving averages. If support at $104,500 fails, $100,000 is the next stop. A breakout above the 20-day EMA could trigger a rally toward the all-time high of $111,980.

Belgravia Hartford Capital's Bitcoin Bet

Belgravia Hartford Capital Inc. recently announced its fourth Bitcoin acquisition, purchasing 9.35 BTC for $1 million, averaging $106,918 per Bitcoin. Their total holdings now stand at 15.75 BTC, valued at $1.66 million, with an average acquisition cost of $105,449 per BTC. This move shows increasing institutional interest in Bitcoin as a strategic treasury asset.

My Take: Patience is a Virtue

While the $108.6K sell wall presents a short-term hurdle, the underlying on-chain data paints a promising picture. Belgravia's continued investment reinforces the narrative of Bitcoin as a long-term store of value. It's like watching a pot of water boil – you know it'll eventually happen, but you gotta be patient.

The Bottom Line

The next few sessions will be crucial in determining Bitcoin’s short-term trend. Keep an eye on that $108.6K level – it's the key to unlocking the next leg up. Until then, buckle up and enjoy the ride! After all, in the world of crypto, a little bit of drama keeps things interesting, right?

Disclaimer:info@kdj.com

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