The Bitcoin price has climbed 1.5% to trade at $106,592 on a 29% plunge in daily trading volume to $46 billion.
Bitcoin Hits $106K as ETF Inflows Surge
This slight rise in BTC price comes as U.S. spot Bitcoin ETFs saw their biggest inflow of the month on Tuesday, with $588.6 million added.
It also marked 11 days in a row of positive inflows, the longest streak since December 2024. BlackRock’s IBIT led the way with $436.3 million, followed by $217.6 million for Fidelity’s FBTC. Grayscale’s GBTC lost $85.2 million.
Bitcoin also climbed after Israel and Iran agreed to a ceasefire, jumping from around $98,000 to over $106,800. Experts say investors see Bitcoin as a safe place during uncertain times.
But others warn this rise could be temporary, and Bitcoin may keep moving between $100,000 and $106,000 as traders wait for more economic news from the U.S.
Bitcoin Price Targets New ATH at $130K After Bullish Pattern
Bitcoin (BTC) could be gearing up for another big rally as technical patterns on the daily chart point to more upside. The price is currently around $106,626 after holding strong above the key $100,000 level.
The RSI (Relative Strength Index) is sitting at 54.65, above the neutral 50 level. This indicates that bulls are slowly regaining control, but the price isn’t overheated yet, leaving room for further gains.
Zooming into the chart, Bitcoin has formed a “Rounded Bottom” between March and April, a common bullish pattern that often signals the end of a downtrend. After this, BTC hit a new all-time high (ATH) above $110,000 in May.
Since then, the price has been moving sideways, stuck between $100,000 and $110,000. This kind of consolidation is normal after a strong rally, giving the market time to settle before the next big move. Buyers have been stepping in around the $100,000 mark, keeping the price from falling further.
Traders are now watching for a breakout above $110,000. If that happens, Bitcoin could quickly climb toward the $130,000 target, based on the size of the earlier rounded bottom pattern.
Of course, if Bitcoin slips below $100,000 again, this bullish outlook could be delayed or canceled. But for now, the chart structure and market momentum are favoring buyers.
All eyes are on Bitcoin as traders wait to see if it can break above resistance and start its next leg higher.
