The Bitcoin price has surged 1.5% the last 24 hours to trade at $107,538 on a 7% pump in daily trading volume to $50 billion.
Bitcoin Price Jumps To $108k
Bitcoin has jumped to $108,000 after traders betting against it got wiped out. This price surge has given new hope to investors, with many now looking forward to Bitcoin possibly hitting fresh all-time highs. The price is now $10,000 higher than it was just three days ago, showing strong momentum.
Popular analyst Matthew Hyland said, “Bulls are in control,” predicting $109,000 as the next target. Earlier, traders expected Bitcoin to grab liquidity around $108,000 and $103,000, which has played out.
Data from CoinGlass shows many short traders lost their positions as Bitcoin’s price moved higher. Some caution that short-term pullbacks are possible, but overall signals, including Ichimoku Cloud analysis, point to $111,000 as the next big target if momentum continues.
Trading firm QCP Capital warned that fears of a NATO-Russia clash are growing, with European officials warning of possible conflict within five years. They also said that the mix of military, economic, and political risks is putting pressure on the markets, making it harder for investors to ignore global uncertainty.
Bitcoin Price Bulls Hold $100K Support For New Highs
After weeks of moving sideways, giving fresh hope to traders that a new all-time high (ATH) could be on the way. The price rally comes as many traders betting against Bitcoin were forced to close their positions, pushing the price even higher.
Looking at the recent chart, Bitcoin has been stuck in a consolidation zone between $100,000 and $110,000 for several weeks. But before that, it formed a rounded bottom pattern around March and April a classic signal that often shows the end of a price dip and the start of a new uptrend.
After breaking out of the rounded bottom, Bitcoin hit a new ATH in early June, but then it cooled off and traded sideways. That consolidation frustrated many traders but also built up tension in the market.
Now, Bitcoin has broken above the consolidation range, triggering what’s called a short squeeze, where traders betting on lower prices get forced to buy back, pushing the price up quickly.
Bitcoin Price Targets $130K High
The chart shows traders are now aiming for a new target price of around $130,000. But for that to happen, Bitcoin needs to stay above $100,000 and keep its current momentum going.
The RSI is also rising and is around 55, which means there’s still space for the price to grow before the market becomes too heated.
Overall, Bitcoin looks strong as long as it stays above $100,000. If buyers stay in control, the price could soon head towards $130,000 and possibly set new record highs.
