Bitcoin price continues to hold firm above $109,000, maintaining a strong technical posture as the market eyes a potential push toward $120,000. With volatility cooling off and on-chain metrics flashing bullish signals, traders are wondering: is this just a pause before the next leg up?
Price Action – Bitcoin Finds Support Above $109K
After tagging $112,000 last week, Bitcoin (BTC) has entered a phase of tight consolidation. The daily chart shows a healthy pattern of higher lows, with strong buying support appearing around the $108,000–$109,000 zone. This level is now acting as a key pivot, with multiple successful retests.
Source: Tradingview
Volume remains relatively balanced, indicating that neither bulls nor bears are in full control—yet. But the fact that BTC continues to defend this support range, even as altcoin rotations accelerate, suggests that the king of crypto is preparing for its next move.
Funding Rates Say the Top Isn’t In
One of the strongest signals comes from perpetual futures markets. Funding rates remain neutral to slightly positive, showing that traders are not yet overly leveraged on long positions. Historically, parabolic tops in Bitcoin price tend to coincide with extremely high funding rates—this is not the case today.
Source: CryptoQuant
As shown in the CryptoQuant chart, funding rates are far from euphoric levels seen in previous cycle tops. This opens the door for further upside without the need for a sharp correction or leverage flushout. In short: the market isn’t overheated.
Technical Indicators – Bullish Structure Intact
The broader chart structure remains bullish:
- BTC is trading well above its 50-day and 100-day EMAs.
- MACD is flattening but still positive.
- RSI is cooling around 63, leaving room for upward movement.
If buyers can reclaim $112,000 with conviction, the next logical resistance sits at $115,500, followed by a psychological and technical barrier at $120,000.
A close below $107,500 would invalidate this bullish setup—but until then, price action favors continuation.
Final Thoughts – Bitcoin Price Gears Up for Another Move
Bitcoin’s resilience above $109K, combined with stable funding rates and a strong macro trend, suggests that the current consolidation is not distribution—but preparation. With ETF flows still healthy and institutional sentiment strong, BTC appears well-positioned for a renewed rally.The market may be taking a breather, but the charts and metrics are clear: this is not the top. A breakout toward $120K remains in play.
