Bitcoin is struggling to surpass the $112,000 all-time high and faces uncertainty as bulls defend key demand zones while bears anticipate a correction.
Institutional players are believed to be influencing Bitcoin's price action, as indicated by the widening Coinbase Premium Gap, reflecting strong US-based buying pressure not fully reflected in ETF inflows.
Bitcoin's resilience above $105,000 amid macroeconomic and political shifts, such as the passing of a new bill in the US, is supported by ongoing institutional demand highlighted by the unprecedented Coinbase Premium Gap nearing +$78.
The bullish defense of support levels, including $106,000–$106,300 and the $103,600 demand zone, coupled with low volume and key moving averages, suggests potential for a breakout above $109,300 or a retreat back toward $103,600.