Bitcoin (BTC) has surged weekly, breaking free from a prolonged technical pattern that dominated recent months. Traders are now witnessing a classic trend resumption unfold on BTC's daily chart, signaling potential for a fresh all-time high (ATH).
BTC Price Breaks Bullish Pattern as $106,000 Becomes New Support
Following its May ATH, BTC formed lower highs and lows within a downward channel. This structure shattered on June 25 as buying pressure propelled BTC above the channel ceiling, maintaining that position for consecutive days.
Key developments:
- $106,000–$107,000 band has flipped from resistance to support
- Bullish flag pattern breakout aligns with rising ETF inflows
- Daily RSI at 58 (neutral) and MACD bullish crossover reinforce upward momentum
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Critical Levels to Watch
- Upside: Sustained trade above 20-day EMA could retest ATH
- Downside: Drop below 50-day EMA may target $101,000 support
Market Sentiment: Institutional Confidence vs. Retail Caution
While trading volume dipped (~44% futures, ~47% options), open interest rose (+3% futures, +1% options), indicating stronger positional conviction.
Notable divergences:
- Top traders: Long/short ratio of 1.37 (bullish lean)
- Retail traders: Net short on Binance/OKX (ratios ~0.5)
Liquidation data shows $19M in forced closures, predominantly affecting shorts—a sign prices exceeded bearish expectations.
Macro Drivers: ETF Inflows and Regulatory Shifts
Last week saw $2.2B flood into Bitcoin ETFs, coinciding with:
- Ethiopia's profitable Bitcoin mining initiative ($55M in 10 months)
- Softening US regulatory stance (GENUIS Act progress, crypto market-structure bill)
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Analyst Perspective
Noted analyst Ted emphasizes that selling BTC amid record stock highs and global money supply expansion "will be a huge mistake," framing ATH recovery as inevitable.
FAQ: Bitcoin's Price Trajectory
Q: What confirms BTC's bullish breakout?
A: Consecutive daily closes above $106K, bullish flag pattern, and rising ETF inflows.
Q: How are institutions positioning?
A: Top traders hold 37% more long exposure than short, while retail hedges with shorts.
Q: What could trigger a pullback?
A: Failure to hold 20-day EMA or sudden regulatory setbacks may test $101K support.
Q: Why are ETF inflows significant?
A: $2.2B weekly inflows demonstrate strong institutional demand, providing price stability.
Q: How does mining profitability affect price?
A: Profitable operations like Ethiopia's ($55M revenue) reinforce network security and adoption.
Disclaimer: This content is for informational purposes only and not financial advice. Crypto investments carry risk of loss. Predictions may change without notice.
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