After weeks of strong buying pressure, Bitcoin will enter a critical merger phase, pushing the price to a new all-time high of $112,000. Despite seeing bullish momentum in recent months, the leading cryptocurrencies are now working to maintain upward traction. As macroeconomic uncertainty and rising global tensions (especially the trade conflict between the United States and China) continue financial markets, Bitcoin appears to be waiting for its next catalyst.
BTC currently trades over $105,000, showing signs of fatigue. According to new data from CryptoQuant, the average direction index (ADX) that measures trend intensity has fallen to the lowest readings over an hourly time frame. This decline in ADX suggests that the current bullish trend may be losing momentum and that lateral movements can be followed or more in-depth corrections.
Now, market participants are paying close attention to support levels and key indicators to show signs of next move. The current level of decomposition may trigger an increase in volatility, while a strong rebound in volume support may reignite bullish momentum. Currently, the market is still on the edge, with Bitcoin falling into a macro-driven headwind and hoping for a broader risk recovery.
Bitcoin stabilizes over $105K as trend intensity weakens
Bitcoin continues to show resilience and firmly maintains the $105,000 level amid rising global tensions and ongoing macroeconomic uncertainty. Although many risky assets show weaknesses, BTC remains relatively strong, benefiting from its position as a hedge during periods of systemic stress. But it now faces a critical test: Can it gather enough momentum to retest and surpass its all-time high of $112,000?
Bitcoin is currently trading in key demand areas, but the upward momentum seems to be stagnating. Analysts’ outlooks are increasingly diverging and warn of possible corrections, while others point to signs that the bull market is still intact. A major driver of market uncertainty is the bond market, with yields surged and volatility recovering. This creates new dynamics for institutional mobility and a wider risk appetite in global markets.
Top analyst Axel Adler shared technical insights that the intensity of Bitcoin’s current trend is disappearing. According to his analysis, the average direction index (ADX) on the hourly chart has dropped to its lowest level in a month. Furthermore, the signal line (usually used to confirm momentum) drops below the 20% region, indicating limited intensity behind recent movements.
Still, the setting is not entirely bearish. Adler noted that if the Bulls step in with strong numbers and beliefs, the market could see a new surge to challenge all-time highs. As Bitcoin is bullish on the structure above the key moving average, the next few days are crucial to determine whether this integration will evolve into another breakthrough or give way to a deeper backtrack. Currently, all eyes are focused on trend forces and global catalysts that could impact BTC’s next major move.
BTC tests support $103.6K as Bulls try to recover
After an all-time high price of $112,000, Bitcoin is selling for just over $105,000. The chart shows that BTC merges within a tight range of $103,600 to $109,300, forming a critical decision zone. Price action has been steady above the 34-day EMA ($103,274) and 50-day SMA ($99,911), indicating that the Bulls are still in control despite short-term weakness.
The main support level of $103,600 has been tested several times since early June and continues to act as a strong demand zone. If this level fails, BTC can revisit the $100,000 psychological marker, or further down to around $92,094 towards a 100-day SMA. However, as long as Bitcoin exceeds this support, there is room for a rebound.
On the plus side, BTC has to reclaim the $109,300 resistance zone, which has been tried several times in recent weeks. A successful breakthrough above this level will open the door to retesting ATH and higher price discovery. The volume remains moderate, indicating that traders are cautious when awaiting macroeconomic clarity and further technical confirmation.
Featured images from DALL-E, charts from TradingView
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