What Keeps Bitcoin From Registering A New ATH?

Bitcoin surged above $110k on Thursday, peaking at $110,537. However, it has slightly retraced and is now trading below the highlighted mark.

The coin received a boost from the release of the jobless claims, which came in lower than expected. The positive sentiment spread across several sectors as the metric suggests healthy employment, which is vital for the economy.

Data from Santiment indicated a resurgence in discussions surrounding the apex coin. It noted that BTC is trending on social media platforms as many discuss investment strategies and how they can profit from the long-term value growth. 

Investors continue to show signs of FOMO following the latest milestone, indicating growing bullish sentiment across the market. 

Glassnode noted that long-term holders, who have held BTC for over 155 days, now own a record 14.7 million BTC. The milestone is significant because the platform classified these holders as less likely to sell. 

Both platforms highlighted several bullish indicators for Bitcoin that may lead to further price increases. Many assert that the current volume may not be enough to send BTC to a new all-time high. However, its lingering around $110k tells a different story.

Fears of the apex coin failing to retest the $112k resistance increase as the asset loses momentum. It is worth noting that the trigger for the latest is the passing of the Big Beautiful Bill. A previous analysis suggested the excitement may not last long. Reducing candles and a 4% drop in trading volume may indicate fading euphoria. 

Data from CryptoQuant pointed to falling demand. It presented a chart showing demand is down 857k despite the inflow from ETFs and MSTR’s large accumulation. The latest decline may indicate exhaustion among bulls, which could translate to profit-taking in the coming days.

BTC has yet to make any leap at its ATH due to reduced demand.

Bitcoin Breakout May Be Short-lived

The 4-hour chart shows that the apex coin recently broke out. Trading actions on Jul 1 saw the asset end its rangebound movement as it retraced. It rebounded, surging to a new high. 

Bitcoin continued trading within the bollinger bands. However, the indicator suggests that the ongoing uptick may be short-lived. The chart above shows that the cryptocurrency rebounded off the lower band on Tuesday. It may be gearing up for another trend reversal.

BTC lingered close to the upper band for most of Thursday, breaking out but returning below it. Its consistent lingering close to the upper band indicates that the uptick may be nearing its end. The apex coin may experience notable selling pressure afterward. 

The 1-day chart tells a similar story. Bitcoin retested the upper band a few hours ago. Retracement may be imminent as the bulls show signs of exhaustion. The chat suggests a correction to $106k. However, a closer look shows that the bollinger bands are thinning. It maintained this trend since June, indicating an impending breakout. 

While the 4-hour chart suggests further declines, other indicators on the 1-day chart remain positive. MACD prints buy signals as RSI climbs. It may indicate further upward movement in the coming days. 

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