Bitcoin’s new all-time high now ‘inevitable’ as BTC price eyes liquidity at $109K

Key takeaways:

• Bitcoin price coils at $107,000 as liquidity builds up around the all-time highs.

• A support/resistance flip at $109,000 is a must for the bulls as new record highs become “inevitable,” analyst said.

Bitcoin saw modest gains over the weekend, climbing by as much as 3% to $108,000 on Sunday, mirroring similar movements across the broader crypto market.

After taking out some liquidity around $108,000, traders said a rally to fresh all-time highs was “inevitable” as ask bids build up above $109,000. 

Bitcoin primed for new all-time highs: Analysts

Bitcoin’s price has been under $108,000 since sliding below it on June 11. This price level remains critical for traders.

Related: Bitcoin price will make history with $109K weekly, monthly close

MN Capital founder Michael van de Poppe spotted Bitcoin hovering at $107,450, saying that after taking out some liquidity around $108,000, BTC may see a slight pullback before breaking out to all-time highs.

An accompanying chart shows $109,000 as the key level to watch on BTC’s four-hour time frame. “This is the area we need to break in order to have upward momentum,” Van de Poppe said, adding:

“The inevitable breakout to an ATH on Bitcoin might even happen during the upcoming week.”

Pseudonymous analyst Mags shared a chart showing Bitcoin price action forming an inverted head-and-shoulders pattern in higher timeframes.

The target of this classic pattern is new record highs, once the price breaks above the pattern’s neckline at $112,000 .

The analyst said:

“Bitcoin breakout incoming.”

Similar sentiments were shared by analyst Jelle, who said Bitcoin’s breakout from a bull flag could trigger a massive upward move into price discovery. 

As reported by Cointelegraph, the $108,000-to-$110,000 level is an important psychological boundary with implications for sentiment should it be breached.

BTC liquidity builds up at $109,000

Several traders eyed a potential liquidity grab above with bid orders thickening below the spot price, and others clustering above $109,000.

“Bitcoin is pushing into the $109,000 liquidity this morning as mentioned last night. The question is, will it have enough to push on through and hold?” crypto analyst AlphaBTC said in a Monday post on X.

The latest data from monitoring resource CoinGlass showed price eating away at bids around $108,000 over the past 24 hours, with the bulk of interest clustered between $109,200 and $111,000.

More than $47.6 million worth of liquidity was sitting at $109,500.

The $107,000-$107,400 cluster is the primary liquidity area on the downside.

If the liquidity is between $110,000 and $112,300 is taken out, the resulting short squeeze could push BTC back into price discovery. 

As Cointelegraph reported , the more liquidity concentrated around the $112,000 all-time highs, the bigger the potential upward move that can be expected.