Bitcoin News Today: Bitcoin Nears $118,620 Resistance Amid ETF Inflows and Institutional Demand

Bitcoin’s price is showing signs of renewed bullish momentum as it holds above the $117,500 support level and approaches key resistance near $118,620. The cryptocurrency has seen a modest upward trend from the $116,000 zone, currently trading near $118,500 and the 100-hourly simple moving average. A breakout above the $118,620 resistance level is seen as a potential catalyst for further gains, with subsequent targets including $119,200 and $119,800. If this level is successfully cleared, the price could push toward $120,500 and potentially test $122,500, with a primary long-term target at $123,200 [1].

However, the path to these levels is not without risks. A failure to break above $118,620 could trigger another pullback, with immediate support at $117,500 and a key level at $116,250. Further downside could see the price fall toward $116,000, and in a more bearish scenario, it might drop to $114,500 and even test $113,500 [1].

Technical indicators remain mixed. The hourly MACD is showing bullish momentum, while the RSI is above the 50 level, suggesting a potential continuation of the upward trend. Institutional and market attention continues to build, with Bitcoin’s price increasingly influenced by ETF inflows, corporate adoption, and integration into traditional financial systems.

According to Citigroup analysts Alex Saunders and Nathaniel Rupert, Bitcoin’s value is becoming more closely tied to metrics like active wallet addresses and institutional demand [1]. Their analysis shows that 41% of Bitcoin’s return variation since the launch of ETFs can be attributed to institutional inflows, with $19 billion in inflows recorded so far in the year—$5.5 billion of which came in the most recent weeks alone [1]. Each $1 billion of weekly inflows is associated with a 3.6% increase in Bitcoin’s price, underscoring the strong correlation between institutional demand and price movement.

Corporate adoption is also playing a role in supporting Bitcoin’s price. Around 4% of the total Bitcoin supply is now held in corporate treasuries, effectively removing it from active trading and contributing to scarcity dynamics that favor price appreciation. However, this trend also introduces risk, as sudden shifts in corporate strategy could lead to volatility [1].

Bitcoin remains in a consolidation phase between $116,000 and $120,000, with key resistance still at $120,000 and support near $116,000. Analysts have warned that continued failure to break through this resistance could result in a short-term pullback toward $112,000, with further downside potential to $108,000 and $100,000 if bearish momentum intensifies [1]. A move below the $100,000 level would signal a shift in market sentiment, potentially leading to a test of the April lows near $76,000 [1].

The broader macroeconomic environment is also supportive of Bitcoin’s long-term trajectory. With equities performing well and the U.S. dollar showing signs of weakness, Bitcoin has increasingly mirrored traditional asset classes while maintaining its unique digital scarcity. Regulatory clarity has further enabled traditional financial institutions to engage with the crypto ecosystem, accelerating adoption and legitimizing Bitcoin as a strategic asset [1].

Looking ahead, the continuation of institutional adoption and ETF inflows will be key to Bitcoin’s price path. If current trends persist, the price could move closer to Citigroup’s projected targets, which include a base-case scenario of $135,133 and a bullish case of $199,340 by year-end [1]. However, risks remain, including low velocity metrics that suggest most Bitcoin is not actively traded—potentially amplifying downward moves if ETF flows reverse. The concentration of holdings among major corporate buyers also introduces potential instability if those positions are unwound [1].

Bitcoin’s journey toward higher price targets is not just a technical or speculative debate—it reflects a fundamental redefinition of how digital assets are valued in the financial system [1].

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[1] Bitcoin's Next Big Move? Cooling Futures Market Hints at...

https://www.newsbtc.com/bitcoin-news/bitcoins-next-big-move-cooling-futures-market-hints-at-possible-breakout/