Bitcoin (BTC) Price Today: Bitcoin Price Hits $110K as Bulls and Bears Fight for New Direction

Bitcoin price surged today, testing the $110,000 mark and reigniting excitement across the crypto landscape.

The move comes amid growing optimism around U.S. trade developments and a noticeable uptick in institutional interest.

As the largest digital asset shows signs of breaking out from a prolonged trading range, analysts remain divided on whether the momentum will hold.

Market Overview: Bitcoin Technical Analysis Suggests Critical Test Ahead

The current Bitcoin price today stands around $110,280, gaining nearly 2.4% in the past 24 hours. BTC briefly touched a high of $109,802, nearing the key psychological level of $110,000. According to CoinGlass data, open interest in BTC futures climbed 6.42% to $34.5 billion, indicating stronger participation among traders.

Bitcoin hovers near $109,350 as Rosenberg Research forecasts a rise to $114,000, potentially extending 25% to $143,000 amid ETF inflows and Fed rate cut hopes. Source: Mian-FXSignals on TradingView

On the technical front, Bitcoin’s daily RSI indicator sits at 59, suggesting a moderately bullish sentiment. If the price breaks cleanly above $110,000, analysts anticipate the next target at $110,545. Support levels remain near $107,770 and $106,685.

Despite the recent rally, derivative data shows that professional traders are cautious. The BTC one-month futures premium remains below the 5% neutral threshold, pointing to restrained enthusiasm. Options market activity also remains balanced, with the delta skew at 0%, suggesting no clear directional bias.

Trend Factors: Bitcoin Halving 2025 and Institutional Interest Fueling Sentiment

A key factor underpinning the rally is institutional accumulation. BlackRock’s iShares Bitcoin Trust alone added $3.85 billion in BTC during June. Strategy, another major player, reportedly acquired $64 billion worth of BTC recently. These inflows suggest that large investors are positioning for long-term gains, potentially in anticipation of the Bitcoin halving in 2025.

Historically, Bitcoin turns bullish in the second half of post-halving years, with Q3 2025 underway and Q4 potentially set for strong gains. Source: Crypto Decode via X

On-chain data further supports this narrative. Exchange outflows rose to $1.33 billion over the past week, reflecting lower sell-side pressure. Analysts also note a surge in interest as Bitcoin exits its previous $103K-$108K range.

However, not all signs point to smooth sailing. Outflows from spot Bitcoin ETFs totaled $342 million on Tuesday. In China, a 1% discount in USDT relative to the yuan signals decreased local crypto demand, the steepest since May.

Expert Insights: Mixed Sentiment Amid Global Economic Uncertainty

Experts remain cautious despite the upward trend. Cointelegraph reports that professional traders are hesitant to open leveraged long positions, reflecting broader macroeconomic concerns.

Bitcoin (BTC) was trading at around $110,280.18, up 2.38% in the last 24 hours at press time. Source: Bitcoin Liquid Index (BLX) via Brave New Coin

“We’re seeing some hesitation as global recession risks rise,” one analyst noted. This hesitation is also evident in the subdued options and futures premiums.

Nevertheless, some believe Bitcoin’s role as a hedge against inflation could gain traction again, especially if monetary easing resumes in the U.S. Following recent data showing a slowdown in U.S. payroll growth and monetary expansion in the eurozone, speculation has increased that central banks may pivot.

According to economist Ambar Warrick, “Bitcoin appears buoyed by optimism around trade deals and easing U.S. restrictions on chip exports to China. But the market is still waiting for confirmation via upcoming labor and tax-related policy decisions.”

BTC’s Next Move Hinges on Momentum and Macro Data

Bitcoin currently stands at a bit below $110,000, and the coming days are critical. If there are enough buyers who can keep BTC above $108,740 and break above $110,000, it can begin to move higher. But if it is unable to make a move higher now, the price may drop back to the level of about $107,000.

Bitcoin appears to have completed a wave 2 retracement, with strong investor demand signaling a potential breakout to new all-time highs and a projected wave 3 target of up to $233K. Source: Maddox-Metrics on TradingView

Markets will closely monitor the next U.S. economic news, particularly the numbers on nonfarm payrolls and news regarding tax regulations. Buyers and sellers continue to battle it out for the meantime, with Bitcoin approaching its next significant shift.

The short-term price of Bitcoin might fluctuate, but the long-term picture is rosy, particularly with the upcoming 2025 halving event. Major investors coming into the market and broader economic conditions might make Bitcoin a success.