The Bitcoin price has rallied 5% over the last 48 hours, reaching an intraday high of $110,392 on July 3 . Despite this performance, the ability to push above the all-time highs at $112,000 is currently limited due to the absence of buyers .
A series of lower highs and lower lows have formed in the 1-hour time frame since the Bitcoin price reached a three-week high of $110,300 on July 2 . As the end of the week approaches, BTC price has failed to break above the all-time high at $112,000 .
The absence of new buyers and FOMO-driven greed are key factors that could keep the Bitcoin price pinned below $112,000 for longer that many think .
The Bitcoin price has formed a series of lower highs and lower lows in the 1-hour time frame since reaching a three-week high of $110,300 on July 2 .
Bitcoin's spot volume delta metric, an indicator that measures the net difference between buying and selling trade volumes, reveals that net spot buying on exchanges remains negative even as BTC price attempts to break out . This suggests a lack of momentum, potentially leading to a pullback or consolidation if derivative-driven pumps dominate without spot market support .
CryptoQuant's analyst Yonsei_dent said that the current MVRV slump “doesn't mean a downtrend is imminent” . Instead, it could signal that we are entering the late stage of the bull cycle . The current MVRV slope at 2.22 is significantly below the overvalued zone (historically above 3.7), suggesting there is still more room for growth .
A pickup in MVRV momentum would suggest that investors hold longer, reducing selling pressure . This, coupled with strong ETF inflows, could trigger Bitcoin's breakout past its current $112,000 peak, potentially reaching levels above $165,000, as predicted by analysts .
Glassnode concluded that while Bitcoin's general “bull trend remains intact, a revival in demand, activity metrics and conviction” would increase the odds of a breakout to new highs in the near term .
Meanwhile, some analysts predict that the Bitcoin price could rally toward $130,000–$150,000 by year-end . Others forecast that the Bitcoin price could hit $200,000 by the end of 2025 .