Bitcoin Teetering At $109,000: Where's It Headed Next?

Bitcoin BTC/USD remains rangebound around $109,000, with analysts speculating when and if a breakout will occur.

What Happened: Crypto analyst Kevin said in his Patreon group that Bitcoin is currently trading above key macro levels, including the golden pocket and the 1.703 Fib at $106,800, a bullish sign.

However, it still needs to break and hold above the $112,000–$116,000 range to confirm a strong higher-time-frame uptrend.

A minor downtrend resistance has been broken, opening the door for upside continuation.

The broader macro backdrop is favourable – inflation is under control, the labour market is strong, and rate cut expectations are solidifying.

The upcoming third quarter earnings will also shed light on broader market sentiment.

While typical Q3 seasonality tends to be weak, there’s no clear reason preventing crypto from pushing higher.

The setup is promising, and the clock is ticking, ready for any direction.

Also Read: Bitcoin, Robinhood, Coinbase Surged 30% To 100% In Q2: What’s Next?

What's Next: Crypto trader XO marked a key inflection zone between $109,750–$109,850.

He advised watching closely for acceptance or rejection here to determine next directional move. Losing it will trigger a move back to the $107,000 point of control.

Trader XO noted that the market remains responsive, favoring mean reversion.

He believes continuing fading extremes, until a clear breakout from the current 5-day composite range, will confirm a directional intent.

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• Bitcoin Stalls Around $109,000 While Ethereum, XRP, Dogecoin Edge Higher

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