BTC’s price has fallen below $110,000 after attempting to retest its record high.
Analysts differ on the coin’s targets amid the US Independence Day celebration.
Here is how Bitcoin’s price might perform as indicators flash interesting signals.
Bitcoin (BTC) may have slipped back below the $110,000 mark, but it’s still on track to close July 4, U.S. Independence Day, on a stronger note.
The price briefly flirted with a breakout yesterday, showing signs of challenging its all-time high. But resistance from sellers kept the rally in check.
As of this writing, BTC is trading around $108,716, marking a modest pullback. While a surge toward $120,000 may not be imminent, on-chain data suggests a drop below $105,000 is unlikely over the weekend.
Bitcoin Sees More Demand
First, CCN looked at the Bitcoin spot taker Cumulative Volume Delta (CVD). This metric measures the difference between the buy and sell volume over a 90-day window.
When the CVD is positive and increasing, buyers are dominant, and the price can trade higher. On the other hand, a negative CVD reading indicates that sellers have the upper hand.
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In this case, the BTC taker CVD is in the green zone, indicating spot buying volume has outpaced selling pressure. If sustained, Bitcoin’s price could bounce above $110,000 again, especially with optimism around the U.S. Independence Day celebration.
Interestingly, some analysts also share this view. For instance, Dariusz Kowalczyk, co-founder of Bitward Invest, noted that the strong bounce above $105,000 indicates that Bitcoin’s price might increase.
“BTC bounced strongly from $105,000 and has confirmed a daily breakout. We’re now in the retest zone, eyes on $108,400. If it holds, the first target will be $114,000. If it loses, the $108,000 setup is invalid and will see a dump till $105,600,” Kowalczyk wrote on X.
However, VetLe Lunde, Head of Research at K33 Research, mentioned that a low funding rate could suppress Bitcoin’s price.
“The sustained low funding rate environment is fascinating. Perps trade at a lasting discount to spot, no risk appetite — annualized 7-day average funding rates at 3.46%. BTC has never traded this close to its ATHs at such low funding rates,” Lunde opined.
BTC Price Analysis: Bullish
Meanwhile, Bitcoin’s technical outlook shows that the coin’s price could ignore the low funding rate and increase. The Money Flow Index (MFI) has risen above the neutral line at press time.
This rise aligns with the signs from the spot CVD and indicates rising buying pressure. If sustained, BTC’s price could rise beyond $112,131.
The Awesome Oscillator (AO) also supports this bias. As seen below, the AO has moved to the positive region, indicating that momentum has transitioned from bearish to bullish.
If that trend continues, Bitcoin’s price might move to the abovementioned target. On the contrary, if momentum turns bearish, that might not be the case, as BTC might slide to $98,071.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
