Bitcoin made an ambitious push toward the $110,000 mark on July 9, but selling pressure halted its advance just short of the milestone. BTC/USD peaked at $109,777 on Bitstamp before reversing, according to data from Cointelegraph Markets Pro and TradingView. The price remains constrained within a tight range, with liquidity clustering at key levels. Order book data from CoinGlass indicated strong buying interest around $108,500 and heavy sell pressure near $110,500, which appears to be capping further gains for now. Traders Signal Caution as Liquidity Concentrates Despite the temporary pullback, many market participants are optimistic that Bitcoin may be preparing for another rally. Trader Jelle noted the heavy liquidity above $110,000 and suggested a successful breakout could quickly push the price much higher. “Almost all liquidity is to the upside. Stops above $110k are not safe,” he commented on X, forecasting a possible move to $130,000 if the resistance is broken. Analyst BitBull highlighted technical indicators that might support this bullish scenario. He pointed to a potential inverse head and shoulders pattern on the 3-day RSI and price charts. “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,” he explained. Volatility Expected as Macro Factors Weigh on Sentiment Beyond technicals, broader macroeconomic factors are also expected to influence Bitcoin’s short-term trajectory. QCP Capital, in its latest bulletin to Telegram subscribers, said the upcoming U.S. Consumer Price Index (CPI) report could introduce volatility in the crypto and equities markets. The firm emphasized that recent strong jobs data had already cooled optimism around near-term interest rate cuts by the Federal Reserve. “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 bulletin noted. This shift in expectations has placed additional focus on upcoming economic data releases. Despite these uncertainties, QCP described Bitcoin as “well bid,” supported by institutional inflows and a weakening U.S. dollar. “With a reignited trade war, a more hawkish Fed, and tightening liquidity conditions, the stage is set for elevated volatility,” the firm added. “Macro catalysts are lining up. Buckle up,” QCP concluded. Outlook Hinges on Breaking $110K While BTC has so far failed to close above $110,000 since June 11, traders remain alert for a breakout that could mark the beginning of a stronger bullish trend. The presence of sell-side liquidity above the current level continues to pose a challenge, but the alignment of technical signals and macroeconomic catalysts may offer enough fuel for Bitcoin to attempt another leg higher. Until then, investors appear to be watching liquidity zones and upcoming inflation data closely for signs of the next major move.
