Key points:
- Bitcoin’s climb above $110,000 was halted around the July 9 market open due to heightened overhead liquidity, according to Cointelegraph Markets Pro data.
- Technical analysts assert stronger catalysts are required to rekindle bull market momentum, with several traders citing price action around the $110,000 barrier.
- Upcoming macro releases, particularly next week’s Consumer Price Index (CPI) data, stand as potential contributors to volatility for Bitcoin and risk assets.
Bitcoin (BTC) aimed for the $110,000 mark at the start of the July 9 U.S. trading session but was ultimately rejected by sellers, keeping the digital asset contained. A snapshot from Cointelegraph Markets Pro/TradingView indicated short-lived bids as high as $109,777 on Bitstamp, before resistance became apparent.
Bitcoin bulls stumble before reaching $110,000
CoinGlass data reveals order-book liquidity was exceptionally concentrated, with the highest bid liquidity observed approximately $108,500 and asks growing significantly above the contested $110,500 level, reinforcing the selling pressure.
Bitcoin broke the bullish flag, retested it, and now pushes higher.
Clear $110k, and $130k is the next target.
You ready? pic.twitter.com/akSRfxoP6v— CryptoJelleNL (@CryptoJelleNL) July 9, 2025
Many in the crypto market interpreted the near miss as a positive development signalling momentum could be building towards all-time highs.
However, Cointelegraph reported trader Jelle, noting on social media: “3D RSI and price are both forming an inverse head and shoulder pattern… For breakout, we need one of these 2 things. Either a 3D close above $110K or a 3D RSI close above 70. After that, we’ll experience an up-only rally for 3-4 weeks.”
“Stage is set” for crypto, risk-asset volatility
The analysis guiding market sentiment also incorporated macroeconomic factors. QCP Capital, a trading firm, highlighted the U.S. Consumer Price Index release scheduled for next week.
Markets have scaled back expectations to two cuts in 2025, down from 2.5 previously. A July cut is all but priced out. September odds have slipped from 90% to 70%.
The publication observed, “Last week’s hot jobs data dampened rate cut optimism,” linking this to potential negative sentiment across risk assets, including Bitcoin.
Despite the challenging macro backdrop, including potential trade disputes and financial conditions, QCP Capital stated Bitcoin as “well bid,” hinting at persistent institutional support. The report concluded, “Macro catalysts are lining up. Buckle up.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
