crypto-economy.com
TL;DR
- Bitcoin surged past $110,000 again after a brief pullback, reigniting bullish confidence following May’s consolidation near $104,000.
- Market fundamentals look solid with a $2.18 trillion market cap, over $56 billion in daily volume, and tight circulating supply boosting liquidity.
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Institutional ETF inflows, growing whale holdings, and macro uncertainty fuel the rally, with resistance eyed at $115K–$118K and support around $104K–$106K.
Bitcoin reclaimed the six-figure milestone on Thursday, once again cresting the $110,000 threshold after a brief pullback. Traders watched as BTC climbed to $110,005.61, marking a fresh affirmation of its underlying bullish trend. The move follows a short mid-cycle consolidation in May, during which the flagship cryptocurrency dipped toward $104,000 before buyers stepped in.
This latest ascent rekindles optimism across trading floors, suggesting that market participants are ready to build on recent gains rather than locking in profits at the first sign of resistance.
Market Metrics Signal Strength
On-chain and market data underline Bitcoin’s robust foundations. The total market capitalization now stands near $2.18 trillion, up more than 2% in the past 24 hours, while daily trading volumes surged above $56 billion, a leap of nearly 17%. The circulating supply is limited to about 19.88 million coins, with a maximum of 21 million.
Meanwhile, the volume-to-market-cap ratio has climbed above 2.5%, indicating strong liquidity and a balanced distribution of buy and sell pressure among participants in both spot and derivatives arenas. At the time of writing, BTC is trading at around $109K, increasing nearly 2%.
Drivers Behind the Rally
Several factors have converged to drive BTC’s march higher. Institutional inflows into the spot Bitcoin ETFs continue unabated, funneling billions of dollars from traditional asset managers into crypto. On-chain metrics reveal rising whale accumulation alongside healthy network transaction counts, both telltale signs of sustained demand.
Macro uncertainty, from shifting interest rate expectations to revamped fiscal stimulus plans in Washington, has also steered investors toward Bitcoin’s finite supply as a hedge. Finally, positive regulatory whispers and expanding corporate treasuries have further reinforced the narrative that BTC remains a strategic asset.
Outlook and Resistance Levels
Chart watchers now eye the next hurdle zone between $115,000 and $118,000, where profit-taking may resurface. Should bullish momentum persist, Bitcoin could test those ceilings before a potential re-test of its prior cycle peak, nearing $125,000.
Conversely, support has coalesced around the $104,000–$106,000 band, offering a buffer in case of short-term volatility. If the current trend holds, analysts foresee a broader rally extending into Q3, potentially igniting renewed interest across altcoins and crypto derivatives markets.