Bitcoin Surges 10% to $110,000 on Renewed Buyer Strength

Bitcoin has recently surged past $110,000, approaching its all-time high of $111,970. This upward momentum follows a period of consolidation where the cryptocurrency traded within a tight range between $100,000 and $110,000 for several weeks. The breakout from this range suggests renewed strength from buyers, indicating a potential for continued upward movement.

Bitcoin had been confined within a descending channel, a chart pattern marked by gradually declining highs and lows, which often signals bearish sentiment in the short term. However, the cryptocurrency has now moved above the upper boundary of that channel, which is often seen as a sign of a possible bullish shift. Market analyst Mac expressed confidence that Bitcoin’s structure remains solid, even if prices briefly pull back to around $102,000. He maintains that the broader outlook suggests a push towards $130,000 is likely before the end of the year, supported by growing momentum in both market structure and investor behavior.

There has been a noticeable uptick in online discussions about Bitcoin, with increased chatter across platforms like X and Telegram. Market research firm Santiment has tracked this increase and notes that many retail investors appear to be jumping back in. This spike in attention is also reflected in sentiment data, with the Fear and Greed Index rising from 63 to 73, indicating that the market is in a “greed” phase. This phase typically signals high confidence and rising expectations for price growth.

Long-term holders, those who have held their Bitcoin for over 155 days, now control a record 14.7 million coins. Many of these were bought near the $100,000 mark and remain untouched, showing strong conviction and little interest in selling, even as prices climb. Institutional interest has been a major factor in keeping Bitcoin steady during its recent consolidation and continues to support the current breakout. Consistent inflows into U.S. spot Bitcoin ETFs and solid trading volumes have added strength to the rally.

Bitfinex notes that Bitcoin’s next major move will depend on economic factors and sustained institutional buying, especially from ETFs. US spot Bitcoin ETFs have recorded 14 consecutive days of net inflows, with total institutional investments reaching $4.63 billion by June 27. Glassnode reveals that long-term holder supply has reached an all-time high, signaling growing market conviction.

Despite the positive momentum, some analysts remain cautious. Analyst David Watt notes that Bitcoin, while on the rise, hasn’t yet made a clean break from its broader bearish structure. He points out that the $112,000 level has proven to be a strong barrier in the past. If the market fails to push through that mark again, it wouldn’t be surprising to see a retreat toward $100,000. However, the overall sentiment remains positive, with growing interest from both retail investors and institutions, along with improving technical indicators, many believe the market could be gearing up for another significant move.