Bitcoin Surges 5.5% Weekly, Breaks $108,000 Mark

Bitcoin's price has surged back above $108,000, marking a significant milestone in its recent uptrend. This surge has pushed its market capitalization to $2.15 trillion, reflecting a 5.5% gain for the week. The cryptocurrency's rebound has been particularly notable as it approaches the next significant resistance level, with bearish bets among retail traders increasing. This movement has been closely followed by the S&P 500 index, which reached a record high of 6,223.75 on June 28, 2025, indicating a broader market optimism that has likely influenced Bitcoin's price trajectory.

The surge in Bitcoin's price has been accompanied by aggressive moves from high-profile crypto traders, signaling growing confidence in the asset. James Wynn, a well-known trader in the crypto space, has exited his short position and pivoted to a long strategy on Bitcoin. This reversal suggests a strong shift in sentiment, especially amid rising market momentum. Meanwhile, another trader operating under the alias “Aguila Trades” has dramatically increased their exposure, boosting their long position to 2,201 BTC, currently valued at around $238 million. These large-scale maneuvers are publicly verifiable via blockchain tracking services, which show active long positions and wallet balances consistent with the disclosed figures.

The renewed bullish activity comes as Bitcoin breaks through key psychological resistance, with the asset trading above $108,000. The sentiment shift may reflect expectations of continued BTC strength in the near term. With institutional-level players positioning aggressively, all eyes are now on whether Bitcoin can maintain its momentum and potentially test new highs in the days ahead. The combined positions of these traders represent hundreds of millions of dollars in bullish bets, underscoring the confidence in Bitcoin's upward trajectory.

Market-wide liquidations totaled $19.09 million over the past 24 hours, with short positions accounting for nearly all of it—$18.84 million—while long liquidations remained minimal at just $252,000. The imbalance highlights increasing pressure on bears as prices climb. The total crypto market cap rose 0.81% to reach $3.32 trillion, supported by strong performance across major assets. Ethereum followed Bitcoin’s lead, rising 8.7% over the past week to $2,460, though its volume dropped sharply by 35.6% to $7.7 billion in the last 24 hours.

In the altcoin space, Pudgy Penguins (PENGU) stood out as the top gainer. The memecoin jumped 10.9% on the day and has soared 59% over the past week, with a market cap now sitting at $833 million and daily volume reaching $640 million. With short liquidations rising and key assets maintaining momentum despite lighter trading volumes, the broader crypto market appears to be firmly in risk-on mode heading into the new week.

The 1-day technical analysis from TradingView also shows the bullish sentiment – the summary and oscillators show “buy” with 15 and 2 signals, respectively, while moving averages point to “strong buy” with 13. The price of Bitcoin has had quite the rollercoaster ride over the last seven days, rising from its early-week blues marked by a crash to below the $100,000 level. Despite this volatility, Bitcoin briefly climbed back above $100,000 this month, pushing close to the $108,000 level before a new pullback. The move looks strong on the surface, but it remains to be seen whether this momentum can be sustained. Bitcoin recently cleared liquidity above $108,000 and has since pulled back, consolidating just below a major resistance level. This consolidation phase is crucial as it will determine whether Bitcoin can break through this resistance and continue its upward trend.

The recent price movements have also been accompanied by a decline in Bitcoin funding rates, which suggests that short positions are taking a hit. This decline in funding rates indicates that the market sentiment is shifting in favor of long positions, as traders are increasingly bullish on Bitcoin's prospects. The decline in funding rates also suggests that the market is becoming more stable, with fewer traders taking on leveraged short positions. This stability is crucial for Bitcoin's price to continue its upward trajectory, as it reduces the risk of sudden price corrections.

In conclusion, Bitcoin's price surge back above $108,000 is a significant development that reflects growing confidence in the asset. The aggressive moves by high-profile traders and the decline in funding rates suggest that the market sentiment is shifting in favor of long positions. However, it remains to be seen whether Bitcoin can maintain its momentum and break through key resistance levels. The coming days will be crucial in determining whether Bitcoin can continue its upward trend and potentially test new highs.