Key takeaways

• Bitcoin price coils at $107,000 as liquidity builds up around the all-time highs.
• A break above $109,000 is seen as crucial for bulls targeting inevitable new record highs.

Bitcoin saw modest gains over the weekend, climbing by as much as 3% to touch $108,000 on Sunday, mirroring similar movements across the broader crypto market.

After absorbing buying pressure around $108,000, analysts and traders indicate a rally to fresh all-time highs is gathering steam, pointing to accumulating ask bids above the $109,000 threshold.

Bitcoin Primed for New All-Time Highs: Analysts

Bitcoin’s price had dipped below the psychologically significant $108,000 level since June 11, but recent activity suggests the bulls are regaining control.

“Bitcoin is hovering at $107,450,” noted MN Capital founder Michael van de Poppe. “After taking out some liquidity around $108,000, BTC may see a slight pullback before breaking out to all-time highs.”

On a four-hour chart, the $109,000 zone stands out as the critical level. Van de Poppe stated: “This is the area we need to break in order to have upward momentum,” adding confidently, “The inevitable breakout to an ATH on Bitcoin might even happen during the upcoming week.”

Pseudonymous analyst Mags suggested Bitcoin is forming an inverted head-and-shoulders pattern on higher timeframes. The target of this classic pattern, once the price clears the neckline near $112,000, points towards new record highs.

Mags declared: “Bitcoin breakout incoming.”

Analyst Jelle echoed the sentiment, suggesting a potential breakout from a bull flag formation could trigger significant upward momentum.

Drawing on further coverage by Cointelegraph, the $108,000-to-$110,000 range represents a vital psychological barrier whose breach could significantly impact market sentiment.

BTC liquidity builds up at $109,000

Traders are closely monitoring liquidity clustering around key levels, with notable concentration observed above $109,000.

According to crypto analyst AlphaBTC, “Bitcoin is pushing into the $109,000 liquidity this morning… The question is, will it have enough to push on through and hold?”

Data from monitoring resource CoinGlass reveals bids around $108,000 have softened over the past 24 hours, while the main area of accumulation lies between $109,200 and $111,000.

In particular, CoinGlass highlights a significant order flow of over $47.6 million positioned at the $109,500 resistance level.

The $107,000-$107,400 region marks a major liquidity intake point for sellers.

Analysis also points to the $110,000-$112,300 cluster, suggesting that a decisive move above this zone could trigger a substantial upward correction.

Furthermore, a Cointelegraph analysis adds context, suggesting that heightened liquidity concentration typically found around significant price levels, such as $112,000 (the all-time high), often precedes larger upward movements in the market.