Bitcoin Faces Resistance at $109,500: What’s Next for the Crypto King?
2025/07/06 22:32Bitcoin has recently experienced a surge in price, bringing it close to its all-time high (ATH). Currently trading around $109,404, Bitcoin has bounced back from $108,000 over the weekend.
However, while the market sentiment remains strong, investor actions suggest caution, with long-term holders (LTHs) showing signs of uncertainty.
Bitcoin Holders Sell
The age consumed metric, which tracks the selling activity of long-term holders, recently showed a sharp uptick. This marked the highest surge in over a year, signaling that LTHs are losing patience as they await a new ATH.
These holders, who control a significant portion of Bitcoin’s supply, have historically impacted the price negatively when they decide to sell. Typically, such sell-offs signal weakening market sentiment.
Despite the recent selling activity from LTHs, Bitcoin’s price has not experienced a significant decline. This suggests that investor sentiment, while cautious, remains resilient. The uncertainty of LTHs did not trigger a long-term downturn, indicating that the market is still holding steady and that other factors may be mitigating the impact of their selling.
Bitcoin Age Consumed. Source:
Bitcoin’s broader market momentum is showing positive signs as well. The number of new addresses surged at the beginning of this month, signaling renewed interest and optimism in Bitcoin. This surge in new addresses suggests that the market is gaining traction, with more investors entering the space.
Interestingly, although the number of new addresses dipped slightly over the weekend, the decline was not significant. This indicates that Bitcoin’s recent price movements have not deterred new investors.
Bitcoin New Addresses. Source:
BTC Price Faces Resistance
Bitcoin is currently trading at $109,404, just under the resistance level of $109,476. The recent bounce from $108,000 has placed Bitcoin in a strong position, with the next target being the $110,000 level. If Bitcoin successfully breaches this resistance, it will set its sights on the ATH of $111,980.
Bitcoin is currently 2.3% away from its all-time high of $111,980. The path to this level will likely be supported by both new investors and long-term holders. However, for Bitcoin to reach this level, LTHs will need to demonstrate restraint and avoid significant sell-offs, which could hinder the price movement.
Bitcoin Price Analysis. Source:
If the resistance at $109,476 holds and Bitcoin fails to break through, the price may slide back toward $108,000 or even lower, potentially dropping to $105,585. This decline would invalidate the current bullish thesis and suggest that the market is not ready for a breakout at this time.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
AI investment enters the "Trough of Disillusionment", the next 18 months will be a life-or-death test!
Goldman Sachs believes that the AI investment cycle is currently in the "trough of disillusionment," but this is not the first time. The core contradiction lies in the fact that the business models of new cloud computing providers are highly dependent on end-user returns from AI spending, while currently "there are basically zero companies that can attribute profits to AI." Social Capital founder Palihapitiya has clearly defined an 18-month key window, during which the market will decide which AI business models are sustainable and which are not.
Anthropic's Core Concern: Revenue Can Be Withdrawn at Any Time, but Computing Power Costs Are Locked in for up to 20 Years
Zheshang Securities believes that Anthropic's revenue is mainly based on usage-based billing, with remaining performance obligations covering only about 5.1 months of annualized revenue, while compute power costs are already locked in with $895.4 billion in irrevocable commitments, some extending as far as 2045. Revenues can be reduced at any time, but costs are non-exitable, creating a highly asymmetric maturity gap between the two—this is the company's real core constraint.
Triple Pressure from the Federal Reserve, Treasury, and Congress; Goldman Sachs: Liquidity Crisis May Occur in 2027
Goldman Sachs warns that the reserve ratio of bank assets has dropped to around 11%, only slightly above the crisis trough of 2019. In the second half of 2027, a deadlock in debt ceiling negotiations will force the Treasury to rebuild the TGA, triggering a "perfect storm" of a sharp drop in reserves and a surge in T-bill supply; combined with stalled money market fund buying, this will create a huge liquidity black hole. The Federal Reserve could be forced into the awkward position of lowering interest rates and launching large-scale bond purchases to rescue the market.
Crypto prices
More
