Bitcoin's price has completed a weekly surge, breaking important resistance levels and establishing new support at $106,000. Experts expect further strengthening of positions.
Bullish Pattern and New Support
After reaching an all-time high in May, Bitcoin's price showed a downtrend, forming a descending channel. However, on June 25, buying pressure allowed Bitcoin to break above the channel's upper boundary and establish significant support at $106,000. This movement confirmed bullish sentiment in the market, and BTC is expected to test a new all-time high.
Changes in Trading Activity
Overall Bitcoin trading activity has cooled down, with futures and options volume dropping by 44% and 47% respectively over the last day. However, open interest for futures and options rose by 3% and 1%, indicating growing interest among traders.
ETF Market and Regulatory Conditions
More than $2.2 billion flowed into spot Bitcoin products last week, helping keep the price above the $106,000 support level. The situation is further compounded by positive news regarding regulatory easing from the U.S., adding optimism among investors.
Current trends in the Bitcoin market indicate the potential for further growth and stabilization at new all-time highs, supported by both positive news and increasing investor interest.
