Bitcoin (BTC) has exhibited bullish momentum, trading close to the $110,000 mark with recent price increases observed in the last 24 hours. On shorter timeframes, BTC hovers near local support levels around $108,507, with the potential to test resistance near $110,000 and possibly higher if daily bars close favorably. Despite a recent failure to break past the $110,461 resistance, traders anticipate corrections to the $108,000-$109,000 range before any renewed upward movement.
From a midterm perspective, Bitcoin is progressing toward its all-time high, although caution remains as bears could induce a drop toward $107,000 if significant weekly chart wicks appear. Institutional interest is growing steadily, reflected in the holdings of over 80 publicly traded companies such as MicroStrategy and GameStop, as well as the U.S. government’s accumulated reserves of nearly 200,000 BTC. Additionally, Gemini’s IPO filing signals sustained investor enthusiasm in crypto firms.
Key geopolitical events such as the ongoing U.S.–China trade talks in London and recent U.S. jobs data support positive market sentiment. On the technical side, BTC is approaching the upper trendline of its ascending channel with resistance at approximately $111,848. A breakout above this level could target further resistance levels near $115,103 and $118,358. The daily RSI at 61 indicates positive momentum with room before overbought conditions might emerge.
Market maturation is also evident through regulatory actions, such as Australia’s crackdown on crypto money laundering rings involving $123 million. Furthermore, significant mergers and acquisitions like Netcapital’s (NCPL) acquisition of blockchain-native platform Mixie highlight the sector’s consolidation and strengthened Web3 capabilities.
In a notable development for Bitcoin's ecosystem, Bitcoin Hyper ($HYPER) has launched the first Bitcoin-native Layer 2 solution integrating Solana Virtual Machine (SVM) technology, aiming to resolve Bitcoin’s scalability and transaction speed limitations. With over $821,823 raised in its presale, $HYPER combines fast, low-cost smart contract execution with BTC's security, offering staking rewards, governance bonuses, and utility for decentralized applications. This innovation bolsters Bitcoin’s infrastructure prospects, potentially driving further ecosystem growth.