Bitcoin (BTC) is up 2.3% to $106,513 this
week, retreating slightly from a peak of $107,478. With prices nearing the
all-time high of $109,974 and showing no significant pullbacks, market momentum
remains strong, suggesting a potential breakthrough above the $108,000–110,000
resistance. Despite a slowdown in inflows to spot Bitcoin ETFs—$786 million
last week compared to $1.2 billion and $1.88 billion in the previous two
weeks—continued buying at high price levels indicates investor confidence.
The brief dip to $102,037 on Monday following
Moody’s U.S. sovereign credit rating downgrade to AA1 was swiftly reversed,
with buyers stepping in aggressively. Bullish sentiment was further boosted by
the U.S. Senate’s unexpected approval of the GENIUS Act, a stablecoin
regulatory framework that opens the door for broader institutional adoption.
Bitcoin quickly recovered its losses and surged by another 2.7% to $107,081.
Options markets reflect growing optimism, with
many traders betting on BTC reaching $120,000 by June 27. JPMorgan has
responded to increasing client demand by enabling Bitcoin purchases, despite
CEO Jamie Dimon’s personal skepticism. The bank’s shift aligns with a broader
trend among financial institutions, driven by supportive regulatory signals
from the new U.S. administration. Vice-President JD Vance, a noted crypto
supporter, plans to attend the Bitcoin 2025 conference in Las Vegas on May 28,
potentially providing further bullish momentum.
Technically, BTC’s breakout above the
$98,000–100,000 range and its successful retest have paved the way for a push
toward the next major resistance zone at $108,000–110,000. A sustained move
above this level could trigger a rally toward $117,000–127,000, where markets
might temporarily pause to consolidate.