TLDR:
- Bitcoin faces resistance at $110,653 with strong liquidity near $111,666 and $113,877.
- BTC holds short-term support between $109,500–$109,600 amid rising volatility.
- The 20-SMA remains flat, suggesting possible consolidation before new highs.
- U.S. job data on Thursday may determine whether BTC extends gains or corrects.
Bitcoin continued its upward push on Wednesday ahead of the U.S. Independence Day holiday.
The price briefly surpassed the $110,000 level before facing a pullback, but market participants remain focused on higher targets. Analysts point to nearby liquidity pools and key technical indicators that support the ongoing rally.
However, the road to new highs may be uneven due to broader market conditions and potential economic data surprises. With U.S. markets closed tomorrow, volatility could taper off before resuming on Friday.
Bitcoin Technical Indicators Suggest a Slower Climb
According to Zen (@WiseAnalyze), Bitcoin’s short-term patterns played out cleanly on Tuesday, leading to the current breakout attempt. As BTC approached $110,000, it faced rejection on lower timeframes, but the next major liquidity area sits just above the June high at $110,653.6.
Bitcoin Daily
All short-term moves yesterday played out perfectly
Today, $BTC continued climbing, making the nearest liquidity pool above the June high at 110653.6 the next high-probability bullish target.
The first breakout above 110k was rejected on lower timeframes,… https://t.co/tNyafFVSNL pic.twitter.com/Jy5KGnDT5G— Zen (@WiseAnalyze) July 3, 2025
Zen noted that while BTC remains bullish in the near term, the daily 20-SMA around $105,862 is flat and moving sideways. This suggests the price may face resistance before pushing significantly higher. The divergence between price and the moving average limits the chance of a clean breakout into new all-time highs without a consolidation phase.
Short-term support appears around the $109,500–$109,600 zone, with a secondary level at $109,000 if the first fails to hold. These levels are crucial for traders looking to manage risk during this rally.
Bitcoin’s liquidation heatmap shows heavy liquidity above at $110,560, $111,666, and $113,877. Below the current price, levels around $108,350 and $107,264 may offer relief zones if the market turns.
Macro Events May Guide Next Bitcoin Move
Crypto analyst Crypto Raven (@hiRavenCrypto) observed that Bitcoin recently broke its bearish trendline and is now retesting it as support.
This move could support further gains if it holds. However, he added that Thursday’s U.S. unemployment report will be a deciding factor in near-term momentum.
$BTC has broken the bearish trendline and is using it as support. If it holds this level, there’s a good chance we’ll see an upside move.
You should wait for tomorrow’s unemployment data for better confirmation
If the data is lower than expected, we could see a strong rally; if… pic.twitter.com/sGXDKo0ppE— Crypto Raven (@hiRavenCrypto) July 3, 2025
If unemployment data comes in lower than expected, it may spark bullish sentiment and push BTC higher. Otherwise, traders should prepare for a possible correction before the market resumes its upward path.
Bitcoin is currently priced at $109,753, according to CoinGecko. It has gained 1.89% over the past 24 hours and is up 2.27% on the week. Trading volume stands at over $38 billion, signaling continued investor engagement ahead of a long weekend pause.
As July progresses, traders are balancing technical trends with macro data, keeping Bitcoin’s path both promising and uncertain.
The post Bitcoin Price Nears $110K as Liquidity Targets Align With Bullish Momentum appeared first on Blockonomi.
Source: https://blockonomi.com/bitcoin-price-nears-110k-as-liquidity-targets-align-with-bullish-momentum/