Bitcoin (BTC) has gained 1.2% to $108,695 this
week, consolidating within the key resistance zone of $108,000–110,000 ahead of
a potential breakout. Large investors are rapidly accumulating long positions,
with inflows into spot Bitcoin ETFs—IBIT from BlackRock, FBTC from Fidelity,
and GBTC from Grayscale—surging to $2.46 billion last week, up from $786
million the week before. This aggressive accumulation signals strong
confidence, minimizing the likelihood of a deep pullback below $108,000. Even
if a technical correction to $100,000 occurs, it would likely be viewed as a
buying opportunity.
Last Thursday, Bitcoin hit a new all-time high
of $111,955 before retreating to $106,507 after U.S. President Donald Trump
announced a 50% tariff on EU goods set for June 1. The market quickly recovered
after EU Commission President Ursula von der Leyen convinced Trump to delay the
tariff implementation to July 9, allowing BTC to rebound to $110,389.
Investors are now watching for fresh
catalysts. U.S. Vice President JD Vance, a vocal crypto supporter, will speak
at the Bitcoin 2025 conference in Las Vegas on Wednesday. Concrete policy plans
from the administration could provide a further boost. Additionally, Nvidia’s
Q1 2025 earnings report—set for release after hours on Wednesday—could lift
tech stocks and help Bitcoin break above its current resistance range if the
results exceed expectations.
Adding to the bullish sentiment, Trump Media
& Technology Group announced it raised $2.5 billion to create a Bitcoin
reserve fund, although the purchase timeline remains unclear. Options markets
are also growing increasingly optimistic, with open interest exceeding $600
million and average strike prices shifting dramatically to $300,000 by June 27,
compared to previous levels around $110,000–120,000.
Technically, Bitcoin’s outlook remains strong.
Consolidation at the $108,000–110,000 level, which is seeing heavy buying, sets
the stage for an upward breakout. If the resistance is cleared, the next target
lies between $117,000 and $127,000, where the rally may pause before the next
leg up.