Key takeaways:
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Bitcoin price taps $110,000, but low spot buying demand suggests the upside could be limited.
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High retail FOMO and a near-overbought RSI signal a potential BTC price correction.
Bitcoin (BTC) 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 Wednesday.
As the end of the week approaches, BTC price has failed to break above the all-time high at $112,000.
What’s keeping Bitcoin price below $112,000?
Bitcoin’s price has rallied 5% over the last 48 hours, reaching an intraday high of $110,392 on Thursday, per data from Cointelegraph Markets Pro and TradingView.
Despite this performance, the ability to push above the all-time highs at $112,000 is currently limited due to the absence of buyers.
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.
Related: Bitcoin may tap $116K in July amid ‘perfect storm’ of macro catalysts
This suggests a lack of momentum, potentially leading to a pullback or consolidation if derivative-driven pumps dominate without spot market support.
“BTC is breaking out, but where’s the spot demand?” said market data resource Swissblock Technologies in its latest post on X, adding:
“Without real demand, breakouts run on fumes. We need buyers to sustain the price breakout.”
Looking ahead, K33 Research points out that spot volumes tend to be far lower from June through October compared with the remainder of the year, with July historically being one of the quietest months, accounting for only 6.1% of the annual volume. This could stop BTC’s attempt to hit fresh record highs over the next few weeks.
K33 Research wrote:
“Although July 2025 brings potential catalysts, including Trump’s budget bill, tariff decisions, and a crypto executive order deadline, seasonal patterns suggest markets may continue drifting in low-volume and low-volatility doldrums despite the busy news backdrop.”
As Cointelegraph reported, Bitcoin price needs fresh demand from spot buyers to break out of the current range into price discovery.
BTC price could see a “brief rally halt”
Bitcoin’s surge to $110,000 has…
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