Bitcoin Surges 7.32% Past $108,000 on Bullish Momentum

Bitcoin has recently surged past the $108,000 resistance level, marking a significant milestone in its price trajectory. This breakout has been fueled by a combination of technical indicators and on-chain metrics that suggest a strong bullish momentum. The price of Bitcoin closed above the $108,000 mark last week, indicating a surge of 7.32% and setting new record highs. This upward movement has been driven by various factors, including institutional developments and broader market trends.

Market analyst Michaël van de Poppe’s recent analysis shows that the move followed a liquidity grab on lower timeframes, which helped trigger the rally. This upward breakout flipped the market structure and pushed Bitcoin into consolidation above $108,000. The price also tapped liquidity near $109,000 before a minor pullback, which van de Poppe described as a healthy retest. He identified strong support between $103,500 and $105,000, where bullish accumulation appears to be underway. If current buying pressure continues, he suggested Bitcoin could reach a new all-time high within one to two weeks.

At the time of writing, Bitcoin is trading at $109,333.78, up 2.01% over the past 24 hours. The price is consolidating just below key resistance at $109,460, with strong volume backing the upward move. Support remains firm around $106,980, highlighting the growing base for buyers. Price action reflects a steady uptrend as Bitcoin tests its recent highs. Market data shows that momentum is favoring bulls, with consolidation patterns suggesting a possible breakout continuation.

Ecoinometrics data has shown that Bitcoin posted relatively flat returns in June 2025 compared to its 12-month average. While the price held steady, it underperformed major asset classes, including equities and commodities. Stock indices like the S&P 500, Nikkei 225, and MSCI Emerging Markets all exceeded their average monthly gains. Copper led commodity performance with an 8% rise, followed by strong moves in crude oil. Despite Bitcoin’s quiet performance, analysts suggest this could be a setup for a July rally. With broader market sentiment turning positive, Bitcoin may follow the trend with a breakout above its current range.

The technical indicators highlight a bullish momentum, with analysts eyeing a potential surge to $117,000. If the resistance at $108,000 is sustained, prices could potentially rise past $130,000. This optimistic outlook is supported by the recent price action, where Bitcoin has shown resilience and continued upward momentum. The latest 2-hour candlestick chart indicates that Bitcoin is attempting to push upward, further reinforcing the bullish sentiment.

The breakout above $108,000 has also been influenced by broader economic factors. The unexpected decline in US employment triggered increased volatility in Bitcoin's price, with the cryptocurrency squeezing shorts in its $108,000 spike. This volatility has added to the overall bullish momentum, as traders and investors react to the changing economic landscape.

On-chain metrics also support the bullish outlook. Bitcoin remains in a consolidation range, hovering near $108,500 as of late June. These metrics show neutral-to-bullish signals, indicating that the current price levels are sustainable and that further upward movement is possible. The technical breakout, where Bitcoin surpassed its 100-hour moving average, further supports the bullish momentum, with prices pointed toward the $110,000–$112,000 range.

Institutional developments have also played a role in Bitcoin's recent surge. According to analysts, institutional developments, including a digital asset trademark by a major financial institution, have fueled the cryptocurrency's upward momentum. This institutional interest adds credibility to Bitcoin and contributes to its bullish outlook.

Overall, the breakout above $108,000 marks a pivotal moment for Bitcoin, with technical indicators, on-chain metrics, and institutional developments all pointing to new highs. As the cryptocurrency continues to gain momentum, investors and traders are closely watching for further price movements and potential resistance levels. The bullish sentiment surrounding Bitcoin suggests that the cryptocurrency is poised for continued growth, with analysts predicting new all-time highs in the near future.