Bitcoin kicked off the week with renewed strength after briefly dipping due to activity from dormant wallets last active 14 years ago.
Prices climbed back toward the $109,000 range as Wall Street reopened for the week.
Technical Support and Resistance Levels in Focus
Data shows that Bitcoin has turned the $108,000 level into a support zone.
With BTC/USD hovering above this mark, traders are increasingly optimistic about the potential for new all-time highs.
Trader Daan Crypto Trades noted that Bitcoin typically sets a monthly high or low in the first 12 days of the month in over 80% of cases.
After doing so, it tends to move in the opposite direction by at least 20%.
Meanwhile, Material Indicators observed that a cluster of sell orders near $110,000 is temporarily preventing further upward momentum.
CoinGlass also identified this level as a major point of resistance, with strong bid support seen at $107,800.
Potential for a False Breakdown Before Further Gains
Fellow analyst CrypNuevo warned that Bitcoin might revisit $105,200 due to liquidation dynamics.
He pointed out that this level aligns with the 50-day exponential moving average, making it a “good entry point” if a brief drop occurs.
CrypNuevo explained, “The main individual liquidation level is at $105.2k. So it wouldn’t surprise me to see a false move to this zone.”
Weekly Close Reinforces Bullish Sentiment
Despite midweek volatility, Bitcoin ended the week with a record close at $109,240 on Bitstamp.
The close erased prior losses and added 1.8% to Bitcoin’s price for the first week of July, on top of a 2.8% gain in June.
Market observers remain optimistic.
Matthew Hyland commented, “Bulls are in control,” and predicted that Bitcoin may continue toward fresh all-time highs in July.
Analyst Rekt Capital added, “Bitcoin has just about Weekly Closed above the final major Weekly resistance… The goal now is to springboard to new All-Time Highs.”