Bitcoin Surges 10% to $111,980, Institutional Interest Drives Momentum

Bitcoin is currently trading near $109,000, having recently reached an all-time high of $111,980 before correcting. The cryptocurrency has shown resilience, finding support above the $108,000 zone and the 100-hourly Simple Moving Average. A bullish trend line is forming with support at $108,800 on the hourly chart of BTC/USD, indicating a potential for a breakout above $110,750.

On the upside, immediate resistance is near the $110,000 level, with the first key resistance at $110,750. Breaking above this level could push Bitcoin to test the $111,800 resistance. If the price closes above $111,800, it might continue rising toward $113,000 and potentially $115,000. However, if Bitcoin fails to break above the $110,750 resistance, it could start another correction, with the first major support level near $108,350, followed by $107,850. Further losses might push the price toward the $106,500 support, with the main support level at $105,000.

Recent exchange activity suggests strong institutional interest in Bitcoin. Coinbase recorded a net outflow of 7,883 BTC on May 26, marking the third-largest single-day BTC outflow from the exchange in the past month. Large Bitcoin outflows from Coinbase are often linked to institutional purchases or spot Bitcoin ETF inflows. One possible buyer is MicroStrategy, which recently purchased 7,390 BTC, bringing its total holdings to 576,230 BTC. The Coinbase Premium Index has remained consistently positive over the past month, reflecting stronger buying pressure from US-based investors, often associated with institutional demand.

Some market observers are making bold predictions about Bitcoin’s future price. According to posts on X by “The Bitcoin Therapist,” Bitcoin could reach $120,000 by the end of the week, requiring about a 10% rise from current levels. Robert Kiyosaki, author of “Rich Dad Poor Dad,” has made even more optimistic forecasts. He predicts Bitcoin will climb to $250,000 by the end of 2025, emphasizing the cryptocurrency’s scarcity as a key factor. With nearly 19.87 million BTC already in circulation, only about 1.13 million remain to be mined.

Technical indicators show Bitcoin had 18 green days and 12 down days in the past 30 days, representing a 60% win rate. Price swings averaged about 5.24% during this period. The Fear & Greed Index currently sits at 74, indicating “Greed.” High readings like this often suggest the market may have run ahead of itself, though upcoming weekly and monthly candle closings will provide better indicators of future price movements. As of the latest data, Bitcoin is consolidating gains while market participants watch for a potential breakout above the $110,750 level, which could trigger a move toward new all-time highs.