BTC Consolidates Below ATH- Bitcoin Nears All-Time High
BTC Consolidates Below ATH– Bitcoin is once again testing critical levels as it hovers just below its all-time high of $111,970. After reaching $110,498 on Thursday, the world’s largest cryptocurrency retraced slightly to around $109,250, according to CoinMarketCap data. While the price action still leans bullish, analysts warn that any dip back below $108,000 could threaten the current uptrend.
“You don’t want to see this deviate back below $108K again at this point,” said analyst Daan Crypto Trades on Thursday, adding that Bitcoin is “attempting a breakout.” He emphasized that “any closes up around this $110K region would be good” for sustaining momentum.
Longs at Risk as Market Eyes $108K
CoinGlass data shows that nearly $2.67 billion in long positions are vulnerable if Bitcoin falls under the $108,000 support zone. A move back below $100,000—last seen on June 22 amid geopolitical tensions—could intensify the bearish pressure and potentially push prices down to $96,000.
Despite the risks, several analysts remain optimistic. “It’s very hard to be bearish here,” noted crypto analyst Miles Deutscher. Trader CryptoFayz added that a clean break above $111,960 could pave the way toward $116,000.
Consolidation Patterns Show a Shift
While Bitcoin is still grinding higher, Daan pointed out that the current price action lacks a clean breakout and continuation. “It’s following the same pattern: stall, dip below, retake, then grind higher,” he said. However, some experts suggest the consolidation phases this cycle are deviating from historical norms.
James McKay of McKay Research commented: “The longer these multi-month consolidations last, the more they challenge the typical four-year cycle theory.”
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
