Bitcoin Struggles to Break $111,970 Resistance as Traders Await Clear Market Catalysts

On July 9, Bitfinex analysts highlighted a cautious stance among traders regarding Bitcoin’s current valuation, noting its repeated inability to surpass the critical resistance level near $111,970. Market participants appear reluctant to initiate significant buying without fresh catalysts or clearer macroeconomic indicators, reflecting a pause in upward momentum. Although selling pressure has diminished, the lack of robust buying interest suggests that investors are awaiting more definitive directional signals before committing further capital. Additionally, data from Santiment reveals that Bitcoin’s social media sentiment has climbed to a three-week peak, with bullish mentions outnumbering bearish ones by a factor of 1.51. However, analysts caution that previous sentiment surges, such as those on June 11 and July 7, were followed by notable price corrections, underscoring the need for prudent interpretation of social metrics in trading strategies.