Bitcoin’s recent surge to $112,000 has revealed a critical liquidity cluster at the $105,700 level, potentially setting the stage for the next major move in the world’s leading cryptocurrency. Recent ETF inflow data showing a 350% surge to $2.75B adds significant weight to the bullish outlook.
According to Coinglass data, a dense concentration of orders around $105,700 could act as a short-term price magnet. This technical setup, combined with Bitcoin maintaining support above $100,000, suggests bulls remain firmly in control of the market structure.
SPONSORED
Trade Bitcoin with up to 100x leverage and maximize your profit potential
Technical Analysis Points to Further Upside
The 4-hour chart shows Bitcoin consolidating above key moving averages, with the 34 EMA ($108,046), 50 SMA ($106,840), and 100 SMA ($105,109) providing dynamic support. On-chain metrics confirm whale accumulation continues despite the recent all-time high.
Key Support and Resistance Levels
- Major Support: $103,600 (Previous resistance turned support)
- Critical Liquidity Zone: $105,700
- Current Resistance: $112,000 (Recent ATH)
- Next Target: $115,000-$120,000 range
Market Sentiment Remains Grounded
Despite reaching new all-time highs, market sentiment has yet to turn euphoric, suggesting room for further upside. The cautiously bullish tone, coupled with strong institutional interest through ETF inflows, provides a solid foundation for sustained price appreciation.
FAQ
What makes the $105,700 level significant?
This price point represents a major liquidity cluster according to derivatives market data, making it a likely target for price action before the next significant move.
Could Bitcoin reach $120,000 in the near term?
Technical indicators and market structure suggest continued upside potential, with $120,000 representing a realistic target if current support levels hold.
What role are ETFs playing in the current rally?
ETF inflows have provided sustained buying pressure and institutional validation, contributing significantly to Bitcoin’s price stability above $100,000.
Featured image from Dall-E, chart from TradingView