Bitcoin has once again reclaimed the $110,000 mark, reaching a 3-week high after a sharp recovery from its June low near $58,000. The leading cryptocurrency has surged nearly 90% from its bottom, driven by consistent ETF inflows and a broader risk-on shift in global markets. On the technical side, BTC has broken above key resistance at $108K, with bullish momentum supported by rising RSI and MACD crossover. Analysts are now setting their sights on $115K as the next major target, provided macro tailwinds continue to support the rally.
ETF Inflows, Macroeconomic Tailwinds, etc., Add Momentum
One of the main catalysts behind Bitcoin’s recent surge is the ongoing inflow into spot Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT) has been a significant contributor, attracting substantial institutional investments consistently. These steady inflows signal growing confidence among traditional finance players, further legitimizing Bitcoin as a store of value and investment option.
Additionally, macroeconomic factors are also playing a crucial role in boosting Bitcoin’s performance. Weaker-than-expected ADP employment data in the US has fueled speculation of potential Federal Reserve interest rate cuts. This outlook has led to a broader shift towards risk-on assets, with Bitcoin emerging as a high-beta alternative investment option.
After $110K, Where Will Bitcoin Price Head Next?
Bitcoin’s price has surged past the $110K mark, reaching its highest level in the past three weeks. This bullish move comes amidst strong institutional inflows and favorable macroeconomic developments that are reigniting risk appetite in financial markets. As the price inches closer to its all-time high, investors continue to hold onto their positions, indicating confidence in the upcoming price action.
Analyzing the daily chart of Bitcoin, it appears that the price has overcome bearish pressure by surging above the resistance of the Gaussian Channel. A similar move was observed in mid-April, resulting in a 20% upswing. The price is now attempting to break above a crucial resistance zone, with a successful breach potentially leading to a new all-time high for Bitcoin. Additionally, the rising RSI suggests increasing strength in the rally.
Based on current chart patterns and market conditions, it is possible that the peak of the current Bitcoin price rally could reach around $125,000, potentially by the fourth quarter of 2025. The bullish momentum fueled by ETF inflows and macroeconomic tailwinds continues to support Bitcoin’s upward trajectory, with analysts keeping a close eye on key resistance levels for further confirmation of a sustained rally.