Bitcoin is currently displaying robust bullish momentum, holding firmly above the significant $100,000 and $105,000 levels amidst ongoing market volatility. This resilience follows weeks of consolidation and multiple attempts to surmount all-time highs, fueling widespread anticipation for a decisive breakout into price discovery. The broader cryptocurrency market is closely monitoring Bitcoin's trajectory, recognizing its pivotal role in dictating the direction for altcoins and other risk assets. A contributing factor to this renewed confidence has been the de-escalation of geopolitical tensions involving the US, Israel, and Iran, which has led to a return of risk appetite in global markets, allowing Bitcoin to reclaim short-term momentum and investor trust.

Adding substantial weight to the bullish narrative is crucial on-chain data highlighted by Santiment and top analyst Ali Martinez. They point to the imminent formation of a potential golden cross between Bitcoin's MVRV Ratio and its 30-day simple moving average. Historically, this specific crossover has served as a powerful signal for major turning points, often preceding significant upward trends and indicating shifts in investor sentiment. Should this cross confirm, it is widely believed that it could mark the inception of Bitcoin's next major leg higher in the current bull cycle.

Technically, Bitcoin is engaged in a tight consolidation phase, trading just below the critical resistance zone spanning from $109,000 to $112,000, with a specific focus on the $109,300 level. Despite the paused momentum as bulls and bears contend for control, the price action demonstrates remarkable resilience. The 4-hour chart reveals a clear structure of higher lows, particularly following the strong rebound from the $103,600 support zone, which has proven its robustness through several tests and now acts as the lower boundary of Bitcoin’s current trading range.

Further bolstering the short-term bullish outlook, Bitcoin's price is trading decisively above all major moving averages on the 4-hour timeframe, including the 50 SMA ($105,166), 100 SMA ($105,291), and 200 SMA ($105,810). These averages are now converging into a bullish alignment, signaling underlying strength and growing demand above the $105,000 mark. While trading volume remains relatively subdued during this consolidation, suggesting a cautious wait-and-see approach from traders, a confirmed breakout above $109,300, particularly accompanied by strong volume, is expected to trigger a significant push towards new highs and initiate true price discovery. Conversely, a breakdown below the $105,000 level would invalidate the current bullish setup and place the $103,600 support at considerable risk. For now, Bitcoin remains tightly coiled, awaiting a decisive catalyst to define its next major move.