Bitcoin is currently attempting to hold above $109,000, a critical price point that could lead to a new all-time high above $111,980. The recent price action has invalidated a bearish descending triangle pattern, suggesting bullish momentum. According to Markus Thielen of 10x Research, sustained demand is being driven by strong inflows into Bitcoin exchange-traded funds and ongoing uncertainty regarding the US Federal Reserve policies. The technical analysis shows an upswing in both moving averages and the relative strength index (RSI), indicating a favorable position for buyers. However, sellers are expected to defend the $110,500 to $111,980 zone aggressively. If Bitcoin retreats but still finds support at moving averages, it may set the stage for an upward breakout. Conversely, failure to stay above these moving averages could lead to a decline toward $105,000 and potentially $100,000.

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