Bitcoin reclaimed $109K amid Trump’s delays in EU tariffs and a surge in ETF inflows. A rising channel pattern and bullish derivatives point to a $115K target soon.
As Donald Trump postpones the 50% tariffs on the European Union until July 9, Bitcoin has reclaimed the $109,000 mark. The leading cryptocurrency has surged by over 1.5% in the last 24 hours, setting the stage for another record-breaking rally.
Bitcoin Price Analysis
On the 4-hour price chart, Bitcoin’s bullish trend has formed a rising channel pattern since the reversal on April 9. The uptrend now reflects a 46% increase from the $75,000 level..
Currently trading at $109,615, Bitcoin is rebounding off the support trendline of the parallel channel. This suggests a new upward cycle within the bullish pattern, potentially targeting the upper trendline.
The MACD and its signal lines have formed a positive crossover, supporting the likelihood of a continued trend reversal. According to the pivot point indicator, Bitcoin’s immediate resistance is near $113,313, marked by the R1 resistance level.
Optimistically, a breakout toward the upper trendline could challenge the $115,000 level for a new all-time high. Conversely, a potential pullback from the previous swing high near $112,000 could lead to a retest of the central pivot line at $107,717.
BTC ETFs Record Eight Straight Days of Inflows
Adding momentum to the Bitcoin rally, institutional support in the U.S. continues to grow. U.S.-spot Bitcoin ETFs have now recorded eight consecutive days of inflows.
On May 23, the total daily net inflow reached $211.74 million, driven largely by a $430 million inflow into BlackRock’s IBIT ETF. VanEck’s Bitcoin ETF also posted inflows of $17.72 million. Specifically, BlackRock and VanEck were the only ETFs that recorded inflows last Friday.
In contrast, Fidelity, Ark, and 21Shares each recorded outflows of $73 million, while Grayscale reported outflows totaling $89 million. The remaining ETFs posted net-zero flows.
BTC Bulls Dominate Derivatives Market
With bullish momentum building, the anticipation of a new all-time high is fueling activity in the derivatives market. According to CoinGlass, open interest has risen by 3%, reaching $76.79 billion, while the funding rate has increased to 0.0078%.
Additionally, short liquidations over the past 24 hours have surged to $26 million. This data indicates strong bullish sentiment, potentially igniting a new leverage-driven rally in Bitcoin.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
