The Bitcoin price held steady above the key resistance level of $94,000 this week, as the recent rally stalled. The coin has jumped by 26% from the lowest level this month and is hovering at its highest level since February 24.
Bitcoin Demand is Rising
There are signs that Bitcoin demand is doing well this year. Last week, Cantor Fitzgerald, Tether, and Softbank created an alliance that will accumulate Bitcoins in the coming months. This is notable as more companies, such as Strategy, Semler Scientific, and MetaPlanet, are accumulating more Bitcoins.
Wall Street investors are buying more Bitcoins. Data by SoSoValue showed that spot Bitcoin ETFs added over $379 million in assets last Friday. They have added assets in the last six consecutive days, bringing the weekly gains to over $3 billion. That was a significant increase from the $15 million added a week earlier.
All spot Bitcoin ETFs have added assets in the past few weeks. The iShares Bitcoin ETF (IBIT) has $56 billion, while Fidelity’s FBTC, Grayscale’s BTC, and Ark’s ARKB have over $5 billion.
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The Bitcoin price jumped as demand for safe havens increased. It has outperformed equities during the recent panic over tariffs and fears that Trump might fire Jerome Powell, the Federal Reserve Chair.
The Bitcoin surge is also occurring as the global M2 money supply rises. The US has an M2 money supply of over $21 trillion, while China has a money supply of over $42 trillion. Historical data shows that the BTC price rises as the money supply increases.
Meanwhile, most crypto analysts on social media X are highly bullish on the BTC price. In a post, Reed Carson, a leading expert with nearly 20,000 followers, predicted it would surge to $120,000 by the end of July.
Bitcoin Price Technical Analysis
The weekly chart shows that the BTC price bottomed at $74,660 earlier this month, as the Fear and Greed Index slipped. It rose to a high of $94,000 after forming a morning star candlestick pattern three weeks ago.
Bitcoin jumped above the 50-week Exponential Moving Average (EMA), a sign that bulls remain in control. The Stochastic Oscillator has continued rising and has just crossed the neutral line.
Therefore, the coin is likely to continue rising as bulls target the all-time high of $109,300, which is approximately 15% above the current level. This rally may occur in the coming weeks, now that some of the top macro risks, such as tariffs and concerns about Jerome Powell’s firing, have eased. This means that the surge to a record high will not happen this week.
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