Bitcoin reclaimed $109K amid Trump’s delays in EU tariffs and a surge in ETF inflows. A rising channel pattern and bullish derivatives point to a $115K target soon.
As Donald Trump postpones the 50% tariffs on the European Union until July 9, Bitcoin has reclaimed the $109,000 mark. The leading cryptocurrency has surged by over 1.5% in the last 24 hours, setting the stage for another record-breaking rally.
Bitcoin Price Analysis
On the 4-hour price chart, Bitcoin’s bullish trend has formed a rising channel pattern since the reversal on April 9. The uptrend now reflects a 46% increase from the $75,000 level..
Currently trading at $109,615, Bitcoin is rebounding off the support trendline of the parallel channel. This suggests a new upward cycle within the bullish pattern, potentially targeting the upper trendline.
The MACD and its signal lines have formed a positive crossover, supporting the likelihood of a continued trend reversal. According to the pivot point indicator, Bitcoin’s immediate resistance is near $113,313, marked by the R1 resistance level.
Optimistically, a breakout toward the upper trendline could challenge the $115,000 level for a new all-time high. Conversely, a potential pullback from the previous swing high near $112,000 could lead to a retest of the central pivot line at $107,717.
BTC ETFs Record Eight Straight Days of Inflows
Adding momentum to the Bitcoin rally, institutional support in the U.S. continues to grow. U.S.-spot Bitcoin ETFs have now recorded eight consecutive days of inflows.
On May 23, the total daily net inflow reached $211.74 million, driven largely by a $430 million inflow into BlackRock’s IBIT ETF. VanEck’s Bitcoin ETF also posted inflows of $17.72 million. Specifically, BlackRock and VanEck were the only ETFs that recorded inflows last Friday.
In contrast, Fidelity, Ark, and 21Shares each recorded outflows of $73 million, while Grayscale reported outflows totaling $89 million. The remaining ETFs posted net-zero flows.
BTC Bulls Dominate Derivatives Market
With bullish momentum building, the anticipation of a new all-time high is fueling activity in the derivatives market. According to CoinGlass, open interest has risen by 3%, reaching $76.79 billion, while the funding rate has increased to 0.0078%.
Additionally, short liquidations over the past 24 hours have surged to $26 million. This data indicates strong bullish sentiment, potentially igniting a new leverage-driven rally in Bitcoin.
