Bitcoin Surges 3.81% to $109,690 on Bullish Momentum

Bitcoin (BTC) is currently trading at $109,690, marking a 3.81% increase over the past 24 hours. This upward trend comes as traders assess global macro risks and technical momentum. The week's Bitcoin price prediction leans bullish, following a sharp recovery from the previous week's dip below $100,400. This dip was triggered by a spat between former U.S. President Donald Trump and Tesla CEO Elon Musk, but a strong bounce fueled by U.S. jobs data and renewed risk appetite has since followed.

Investors are now closely monitoring U.S.–China trade talks, a key geopolitical event that could impact risk markets. Despite these talks, Bitcoin has remained resilient above $109,000, indicating strong investor confidence. Several factors are contributing to this stability. Institutional participation is growing rapidly, with over 80 publicly traded companies now holding BTC. Additionally, the U.S. government owns nearly 200,000 BTC, according to blockchain data. Furthermore, Gemini’s IPO filing points to sustained investor interest in crypto firms. These developments add legitimacy and long-term demand strength, bolstering bullish Bitcoin price predictions.

On the technical side, the Bitcoin price prediction remains bullish as BTC approaches the upper trendline of its ascending channel, testing resistance near $111,848. A breakout at this level would confirm the bullish continuation setup and target higher resistance levels at $115,103 and $118,358. The daily Relative Strength Index (RSI) is holding at 61, signaling positive momentum but leaving room before overbought conditions emerge. Additionally, the June 7 bullish engulfing candle, which often marks a return to trend after a retracement, is worth noting.

For short-term trade ideas, the entry point is a confirmed daily close above $111,848, with a stop-loss below $107,616. The first target is $115,103, and the second target is $118,358. Traders should watch for RSI divergence or rejection at $111.8K. This bullish setup remains valid as long as BTC stays above the lower channel trendline near $107,000.

Beyond price movements, structural developments are shaping Bitcoin’s evolving reputation. In a recent crackdown, authorities in Australia have charged four money laundering rings involving $123 million in cryptocurrency. This action shows that even illicit crypto activity can be traced, boosting trust in blockchain transparency. Additionally, Netcapital (NCPL) acquired the crypto-native platform Mixie, marking a significant step in crypto mergers and acquisitions (M&A). The fintech firm said the deal enhances its Web3 capabilities, reflecting broader institutional interest. This follows a trend of consolidation led by players like Coinbase and Ripple. These developments support the broader Bitcoin price prediction narrative, indicating strong demand, growing corporate adoption, and tightening legal clarity, which are laying the groundwork for Bitcoin’s next leg up.

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