Bitcoin Metrics Suggest New Highs Happen This Week
Bitcoin (BTC) price increased by 3.6% to $109,730, marking its highest level since June 12, driven by a global money supply (M2) surpassing $55 trillion. A daily close above $108,500 could confirm a bullish engulfing pattern, suggesting potential for new highs. Open interest in Bitcoin futures rose over 10%, indicating renewed market momentum with a $3.2 billion influx primarily in long positions. Funding rates remained stable, reflecting balanced sentiment and a sustainable rally without excessive leverage. A short squeeze liquidated over $196 million in short positions, aiding Bitcoin's price surge. The Coinbase Premium Index indicated strong spot buying pressure from US investors. Analysts predict a new all-time high is likely, with a record weekly close above $109,300 potentially unlocking further price discovery. Bitcoin's low volatility levels suggest an imminent significant price movement, supported by a confirmed bullish MACD crossover and a breakout from a bullish flag pattern, targeting the $137,000 region.
