Bitcoin is showing renewed strength as it hovers above a critical support level, with top analysts suggesting a breakout could be imminent.
Michaël van de Poppe, a well-known crypto trader, pointed out that if BTC stays above $116,800, the market could see fresh all-time highs within the week.
As of now, Bitcoin is trading at around $118,100, up 1.25% over the past 24 hours. While weekly gains remain modest, holding this range is viewed by technical analysts as essential for sparking the next leg up.
Van de Poppe’s chart outlines $116.8K as a pivotal level. Below that lies a liquidity zone between $110K–$112K, which he describes as a “brilliant area to accumulate” if prices dip. On the flip side, reclaiming and holding above the $119.5K zone would likely open the door to a new all-time high test.
Crucial Levels in Focus
- $116.8K: Must hold to maintain bullish momentum
- $119.5K: Resistance level to break for a rally to ATH
- $110K–$112K: Accumulation zone if price drops
The sentiment comes as daily trading volume surges past $51.9 billion, indicating renewed investor interest amid growing anticipation for the next bullish impulse.
With BTC’s market cap now at $2.35 trillion and upward pressure building, all eyes are on how Bitcoin performs heading into the final days of July. A successful retest of key resistance could signal that the next major breakout is just around the corner.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/bitcoin-holds-key-support-analysts-predict-new-all-time-highs-ahead/