Bitcoin Eyes Sub-$100K Liquidity as Price Struggles Near All-Time Highs

Bitcoin (BTC) surged to a local high of $104,000 this week, its highest level since January, but momentum appears to be weakening as traders prepare for the possibility of a pullback toward the critical $100,000 support level. With all-time highs less than $6,000 away, the market enters a pivotal phase.

BTC/USD has retraced slightly to test underlying support, setting the stage for what traders describe as a key battleground in Bitcoin’s 2025 bull cycle. Price action since this year’s $75,000 lows has been volatile, and the recent surge of over 10% in just days has raised eyebrows across the crypto community.

BTC/USD 1-hour chart. Source: TradingView

Headline-Driven Rally Sparks Uncertainty

The recent price jump is widely viewed as being “headline-driven,” influenced by macroeconomic events, including developments in US-UK trade negotiations. Trader Skew noted on X (formerly Twitter) that markets have become increasingly reactive to political and economic headlines, including posts involving figures like Donald Trump and discussions of global tariffs.

“Since this current impulse was primarily headline driven again, this puts markets into a crucial & critical trading day,” Skew commented.

Analysts warn that the bullish momentum may not sustain without more organic buying volume. Passive investment flows, strong volume, and stable support levels are needed to solidify this price zone. Skew emphasized the importance of volume acceptance to secure support above $100K.

BTC/USDT 1-day chart with Fibonacci levels. Source: Patric H./X

Technical Levels and Fibonacci Analysis

Technical traders are also watching the charts closely. With BTC breaching the $104,000 level, Fibonacci retracement analysis shows the market is now at a crucial resistance zone. Commentator Patric H. noted that Bitcoin has decisively cleared the 1.618 Fibonacci extension and is now testing the Volume Area High (VAH), which coincides with a weak resistance trendline.

BTC/USDT 1-month chart with Fibonacci levels. Source: Kingpin Crypto/X

Kingpin Crypto, another popular trading account, added that this Fibonacci level has acted as a turning point before and should not be underestimated:

“Rejection and pullback from 1.618 lasted a bit longer till May. However, can’t deny how beautifully the fib level played out.”

Watch for Liquidity Gaps Below $100K

While the path to new all-time highs may be technically open, liquidity metrics paint a more cautious picture. Data from CoinGlass shows significant bid interest clustered just below $100,000, suggesting that any downward move could trigger volatility or “price attraction” toward those zones.

Bitcoin liquidation heatmap (screenshot). Source: CoinGlass

Meanwhile, there’s far less short liquidity above the current price level, indicating reduced resistance to further upside—but also limited buyer depth to maintain upward pressure.

“There’s much less short liquidity clustered above,” trader TheKingfisher observed. “This notable imbalance makes the downside liquidation zone a potential key area to watch for volatility or price attraction.”

Bitcoin exchange order book liquidity data. Source: TheKingfisher/X

Conclusion

As Bitcoin hovers near record highs, the next moves will likely depend on whether the market can build sustainable support above $100,000 and absorb any headline-driven volatility. For now, bulls and bears alike are bracing for a high-stakes tug-of-war in the crypto market’s most watched zone.