Bitcoin must hold the line of 108,000 dollars if it does not want to plummet sharply.

According to trader Daan Crypto Trades, Bitcoin needs to maintain its upward momentum as it approaches the all-time high (ATH), as a correction to the $108,000 mark could trigger a bearish trend.

"At this point, you don't want to see the price drop back below $108,000 anymore. Bitcoin is trying to breakout."

2.67 billion dollars long Bitcoin position is at risk

"Any closing session around the $110,000 area is a good signal," Daan added. Bitcoin reached $110,498 on Thursday but then adjusted to $109,250. This level is currently about 2.5% lower than the ATH of $111,970.

At the time of writing, Bitcoin is trading at $109,176.

BTC price chart 4 hours | Source: TradingviewDaan's chart analysis shows that if Bitcoin falls back to the $108,000 area — a level it only recently recovered on Wednesday, the price could trigger a 下行 trend, pushing below $100,000, and could even reach $96,000.

Bitcoin has not fallen below $100,000 since June 22, when it hit a low of $98,900 amid tensions between Israel and Iran. If it falls back below this level, about $2.67 billion in Long positions could be liquidated, according to data from CoinGlass.

The liquidation chart of Bitcoin on the exchange | Source: CoinGlassSome other analysts are also optimistic about the bullish trend of BTC. Analyst Miles Deutscher commented:

"It's very hard to have a negative outlook at this time."

Meanwhile, trader CryptoFayz explains with a chart that if Bitcoin surpasses the current ATH of $111,960, the momentum could continue up to $116,000.

Similarly, Markus Thielen from 10x Research shared on Thursday that this price milestone could be achieved before the end of July, based on factors such as strong capital inflow into the Bitcoin spot ETF, uncertainty surrounding the policies of the Federal Reserve, and the decreasing supply of Bitcoin on exchanges.

What is different about this phase of Bitcoin's consolidation?

However, Daan noted that the current consolidation period of Bitcoin is somewhat different from previous cycles.

"It still follows the familiar pattern: leveling off, falling slightly below the range, then returning to the range and continuing to increase gradually. But currently, it still lacks a clear breakout and a continuation phase."

James McKay, the founder of McKay Research, commented:

"The more prolonged consolidation phases like this that we have, the more we deviate from Bitcoin's traditional 4-year cycle model."

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