BTC breaks above $109K amid rising global liquidity and bullish market signals
Bitcoin’s price surged to $109,730 on Wednesday, marking its highest level since June 12 and reigniting bullish momentum in the crypto market. This rally comes as the global money supply (M2) hit a record high above $55 trillion, fueling renewed investor interest in Bitcoin as a hedge against fiat debasement.
If BTC closes the daily candle above $108,500, it would confirm a bullish engulfing pattern on the chart—often seen as a strong indicator of continued upward movement.
Bitcoin Futures Open Interest Jumps 10%
BTC’s latest rally from $105,200 to over $109,500 was supported by a sharp increase in derivatives activity. Open interest (OI) across major futures exchanges surged by 10%, adding $3.2 billion to the market—driven mainly by long positions.
Despite this spike in activity, funding rates remained stable, indicating balanced sentiment between bulls and bears. This suggests the rally wasn’t fueled by excessive leverage, making it potentially more sustainable in the short term.
Adding to the bullish case, over $196 million in short positions were liquidated in just 12 hours, sparking a short squeeze that helped Bitcoin break through key resistance levels.
Spot Demand from U.S. Investors Strengthens
The Bitcoin Coinbase Premium Index stayed elevated throughout the rally, showing that U.S.-based institutional and retail investors were actively buying spot BTC. This continued premium on Coinbase versus other exchanges indicates strong underlying demand—further solidifying the uptrend.
New All-Time High Within Reach?
With Bitcoin breaking out of a multi-week consolidation phase, analysts are turning increasingly bullish. Trader Rekt Capital noted that a weekly close above $109,300 could push BTC into uncharted territory by clearing its final major resistance level, opening the door to a new all-time high.
Analyst Jackis pointed out that BTC volatility is at its lowest since 2023—a level reached only seven times before, each followed by a significant price move within five weeks. If history repeats, Bitcoin may be poised for another explosive breakout.
Technical analyst Titan of Crypto also highlighted a confirmed bullish MACD crossover on the daily chart, alongside a breakout from a bullish flag pattern. If the breakout holds, Bitcoin could accelerate toward the $137,000 zone, following what Titan called a “magnet effect” as momentum builds.
Conclusion
Bitcoin’s recent surge above $109K, combined with increasing futures activity, spot demand, and bullish technical signals, suggests a paradigm shift may be underway. With analysts eyeing $137,000 as the next major target, Bitcoin could soon enter a new phase of price discovery.
