Bitcoin has reclaimed a crucial resistance level and is now showing a convergence of buy signals across multiple indicators, offering bulls their strongest technical setup in weeks. While the price works to confirm a breakout above the weekly 200-day moving average, Strategy chairman Michael Saylor reinforced his unwavering optimism, stating there is “no reason Bitcoin can’t touch 5 billion people” in a recent televised interview.
The BTC price bounced from June’s correction and is currently trading near $62,500, having broken above the previous high of $60,737. The next major hurdle stands at the weekly 200-day MA around $62,663. A confirmed break above this level would strengthen the positive technical picture, with analysts eyeing an immediate target of $65,400, which aligns with the TD Sequential resistance trendline.
Widely followed crypto analyst Ali Martinez highlighted three bullish signals on the 12-hour chart: a Tom DeMark Sequential buy signal, an RSI bullish divergence, and a flip of the SuperTrend indicator to bullish. This trio suggests that selling momentum is fading and a trend reversal may be underway. However, confirmation requires sustained spot volume and a break above the descending trendline that has capped price since mid-June.
Institutional flows are also adding to the improving narrative. After a record $4.5 billion in net outflows from U.S. spot Bitcoin ETFs in June, inflows returned with about $221.7 million on July 2, breaking a 10-day streak of withdrawals. Fidelity’s FBTC led the rebound with $166 million in new capital, while BlackRock’s IBIT still saw minor outflows. The return of inflows coincided with softer U.S. labor data, which tempered expectations of prolonged high interest rates.
Despite the spot market recovery, the options market remains cautious. Downside hedging through put options surged to roughly $1.2 billion around strikes between $55,000 and $60,000, and puts hold over a 10% premium versus calls. Bitcoin options open interest sits near $34 billion ahead of large quarterly expiries. This hedging activity signals that traders are protecting against potential declines even as confidence in the short-term uptrend grows.
If Bitcoin holds above $60,000 and breaks decisively above the trendline, the next targets lie at $67,000 and $70,000. Failure to sustain the breakout could send the price back toward the $58,000 support zone. For now, the combination of technical strength, renewed institutional inflows, and unwavering long-term conviction from industry figures like Saylor gives bulls a fresh foundation to build on.
