Bitcoin’s Epic Battle for New Highs: One Candle Away from Glory 🚀

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Amidst the bustling world of digital currencies, a crypto analyst, with the sagacity of a seasoned observer, has noted that Bitcoin, the venerable titan of the crypto realm, is now pressing against a formidable resistance near its all-time high. This resistance, like a stubborn gatekeeper, stands as the final barrier before the vast, uncharted territory of price discovery. A weekly close above this level, the analyst suggests, could unleash a fresh wave of optimism, propelling Bitcoin into a realm where new highs are not just possible, but inevitable.

On the glorious day of July 4, CrypFlow, a voice of authority in the crypto community, shared on X that Bitcoin is displaying a remarkable resilience and technical precision on the chart. After finding its footing at the S1 support, Bitcoin executed a sharp bounce, reclaiming the R/S flip zone around $104,400, a level that has now become a battleground for momentum. However, Bitcoin encountered a formidable resistance at around $109,000, a level that marks the previous highest weekly close. The rejection, a clean technical retest of the $104,400 R/S flip zone, is now a new support, a textbook bullish sign, much to the delight of the bulls.

Bitcoin is now at the precipice of its final resistance. If the bulls can muster the strength to push through the $109,000 level with volume, it would clear the path for true price discovery, where historical resistance no longer exists, and the upside becomes as wide open as the Russian steppes in summer.

Another analyst, Trade4ddict, also shared his insights, noting that Bitcoin is shaping up for another bullish opportunity, with the 1-hour chart printing a long setup. After dipping into the $108,500 liquidity zone, Bitcoin quickly reversed, trapping late shorts and confirming a morning star pattern, a bullish reversal signal. This shift in structure suggests that the bulls are reasserting control, with support reclaimed and momentum turning upward. Trade4ddict expects Bitcoin to revisit the local top at $110,500 and possibly break above it, much to the chagrin of the bears.

If Bitcoin breaks out successfully, it could open the door for a continued move toward a new all-time high region at $112,000. The structure is clean, momentum is resetting, and the market looks primed for a renewed push higher, as if the bulls are gathering their strength for one final, glorious charge.

Abdul Basit Flow 3 Solix, a keen observer of the crypto markets, also took to X on July 4th to highlight that Bitcoin is showing signs of an explosive move as it retests a key local level on the 4-hour chart. After previously breaking through the $108,600 mirror level, Bitcoin is now revisiting that zone from above, a retest that could confirm new support. The mirror level, which has acted as resistance, is being tested for strength, and the price is holding above it, suggesting that the bulls are defending this level with conviction. A bullish compression structure shaped as an inverted head-and-shoulders pattern is the formation that makes the retest more compelling. This formation, often a harbinger of a strong breakout, is backed by higher lows and tightening price action, setting the stage for a potential breakout that could send Bitcoin soaring to new heights.

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2025-07-06 02:42