Bitcoin is facing a critical test as price action compresses between two key levels: the $112,000 all-time high and the $105,000 support zone. Bulls are attempting to reclaim momentum and push BTC into price discovery, while bears are working to invalidate recent gains and trigger a deeper correction. However, the current landscape is dominated by uncertainty. Volatility has surged, yet there’s no decisive trend in play, creating a tense environment filled with indecision on both sides of the market.
Fueling the speculation is fresh data from CryptoQuant, which reveals extreme Buy-Side Aggression on Bybit. Bitcoin’s Taker Buy/Sell Ratio on the exchange has spiked to 11.5, an unusually high reading that indicates traders are heavily favoring long positions. This surge in aggressive buying suggests growing confidence among bulls, who believe a breakout is imminent. However, it also introduces risk. When positioning becomes this one-sided, the market often punishes late entrants with sudden reversals.
With liquidity clustered near both the $112K resistance and the $105K support, Bitcoin appears coiled for a volatile move. Whether BTC breaks higher or loses key support will depend on how the broader market reacts to this lopsided positioning—and how long bulls can sustain the pressure without confirmation.
Bitcoin Breakout Hopes Grow Amid Heavy Long Positioning
Bitcoin has climbed 9% since last Sunday, pushing the price toward key resistance levels and reigniting hopes of a breakout above its all-time high. After weeks of consolidation and choppy action, the recent surge suggests that a decisive move could be on the horizon. Momentum is clearly building, and many analysts are growing confident that Bitcoin is preparing to challenge its $112,000 peak. If bulls manage to break through, BTC could enter price discovery and trigger a wave of fresh inflows.
Despite the optimism, risks remain elevated. The broader macroeconomic backdrop is still tight, with interest rate uncertainty, geopolitical tensions, and unstable global liquidity pressuring all risk assets. Bitcoin may be showing strength, but it’s doing so in an environment that could quickly shift against risk-on positioning. This has led some traders to remain cautious, even as technicals show upside potential.
Top analyst Maartunn added fuel to the conversation by highlighting alarming data from CryptoQuant. Bitcoin’s Taker Buy/Sell Ratio on Bybit has skyrocketed to 11.5, indicating extreme Buy-Side Aggression. This means market participants on Bybit—often referred to as “Bybit Apes”—are opening heavy long positions and aggressively pressing for upside. While this reflects strong conviction, such one-sided positioning can backfire if momentum stalls or reverses.
BTC Consolidates After Sharp Rebound
Bitcoin is currently trading at $107,168 after gaining strong upward momentum from the $103,600 support level. The 8-hour chart shows a clear recovery following the June 24 bounce off the 200-day simple moving average (SMA), marked in red, which acted as a dynamic support. Price has since climbed above the 50 SMA (blue) and 100 SMA (green), signaling renewed short-term bullish momentum.
However, BTC is now facing resistance near $109,300, just below the critical $110,000 zone. This area has previously triggered multiple rejections, making it a significant short-term barrier. A confirmed breakout above this zone could open the door for a retest of the all-time high at $112,000.
Volume has slightly decreased during the recent consolidation phase, which suggests indecision. While moving averages have aligned in bullish sequence (price > 50 SMA > 100 SMA > 200 SMA), Bitcoin must maintain this structure and break above $109,300 with strong volume to validate continuation.
If bulls fail to break resistance, the $105,300–$103,600 zone will be crucial to watch for potential support. A drop below that could signal renewed downside pressure. For now, BTC remains in a bullish posture but faces a key test just ahead.
Featured image from Dall-E, chart from TradingView