Key Points Summary:
As the global money supply reaches a new high, Bitcoin breaks through $109,000.
Against the backdrop of strong Coinbase premiums and stable funding rates, BTC open interest has increased by 10%, indicating robust spot demand.
Multiple technical indicators suggest a significant breakthrough is imminent, with analysts focusing on Bitcoin's price reaching $137,000.
Bitcoin (BTC) price surged 3.6% on Wednesday, reaching $109,730, marking the first return to this level since June 12. This rebound coincides with the global broad money supply (M2) surpassing a historical high of $55 trillion.
If Bitcoin's closing price remains above $108,500 for the day, it will form a strong bullish engulfing pattern, further increasing the probability of setting new highs in the short term.
During Bitcoin's rapid rise from $105,200 to $109,500, the activity in the derivatives market significantly increased, indicating a resurgence of market momentum. Open interest (OI) on major futures exchanges surged by 10%, approximately $3.2 billion, reflecting a substantial influx of new capital into the market. This growth is primarily driven by bulls, demonstrating strong market confidence in future price increases.
Despite the simultaneous rise in price and OI, the funding rate in the perpetual contract market remains stable. This indicates a relatively balanced bullish and bearish sentiment, and more importantly, this round of price increase is not driven by excessive leverage. From a bullish perspective, the stability of the funding rate during the price increase suggests that the upward trend is more sustainable.
Notably, alongside the market surge, the amount of short liquidations exceeded $196 million in the past 12 hours. This chain of liquidations significantly accelerated Bitcoin's breakthrough of key resistance levels.
Further confirming the buying power, the Bitcoin Coinbase premium index has continued to rise during this round of increases. This indicator tracks the price difference between Coinbase and other major exchanges, showing that the spot buying pressure from U.S. institutions and retail investors continues to strengthen, adding support to the bullish narrative.
As Bitcoin decisively breaks through the recent consolidation range, market analysts are increasingly confident in its potential to set a new historical high. According to trader Rekt Capital, if BTC closes above $109,300 on the weekly chart this Sunday, it will break through the last major resistance zone, likely initiating a "price discovery" phase paving the way for new highs.
Analyst Jackis also noted that Bitcoin's recent volatility has dropped to its lowest level since 2023, a rare phenomenon that has only occurred seven times in history. "Each time volatility has dropped to the current level, significant fluctuations have followed within five weeks, often occurring more rapidly," Jackis pointed out, suggesting that a major market movement is imminent.
Meanwhile, technical analyst Titan of Crypto highlighted a clear bullish crossover in the MACD on Bitcoin's daily chart, which is a key momentum signal. The analyst added that Bitcoin is attempting to break out of a bullish flag pattern, and if successful, it could trigger a "magnetic effect," pushing the price towards the $137,000 region.
Related: The U.S. Securities and Exchange Commission (SEC) ends "enforcement over regulation," classifying tokenization as "innovation."
Original: “Bitcoin (BTC) Aims for New Highs as BTC Futures Activity Highlights Paradigm Shift”
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