BTC’s futures open interest rises, indicating growing confidence among investors.
The Bitcoin (BTC) price has once again made headlines with its recent upward move, indicating renewed confidence among traders.
Notably, BTC USD has soared past the $107k mark today, with analysts providing bullish predictions. This showcases their confidence in the long-term potential of the asset.
Meanwhile, a renowned market expert has also revealed a timeline for the crypto to hit a new ATH.
Besides, he also highlighted key resistance levels ahead, which the crypto must breach to soar past its previous high of $111k.
Bitcoin price today jumped nearly 2% and soared past the $107k mark during writing. However, the crypto’s trading volume fell around 31% to $46.38 billion.
Notably, the latest rally has caught market attention, as it surged from its 24-hour low of $104,886.
Meanwhile, it’s worth noting that the BTC price has also lost the brief $100k support earlier this week amid soaring geopolitical tensions.
The Iran-Israel conflict has weighed on the investors’ sentiment since last week. The Middle East tensions have also triggered a massive selloff in the broader financial market, let alone the crypto space.
However, the ceasefire update between the nations appears to have bolstered market sentiment since June 24. On a weekly basis, BTC USD has added around 3% while losing around 2% in the monthly chart.
Meanwhile, the recent rally in Bitcoin is also accompanied by soaring BTC Futures Open Interest. CoinGlass data showed that Bitcoin Futures Open Interest soared 5% in the last 24 hours, indicating the growing confidence of investors.
With the BTC price trading in the green, some market participants are looking for potential future movements of the flagship crypto.
Amid this, renowned expert Michael van de Poppe has shared key insights on BTC USD, highlighting key support and resistance for the coin.
In a recent X post, he shared a Bitcoin price chart, which showed that the crypto has found its support at $106,720. Besides, he also noted that the crypto is now “attacking the resistance” at $108,924.
Meanwhile, Poppe said that if BTC breaks through the resistance near $109k, it could continue its run to the north, potentially hitting a new ATH. Also, the analyst predicted the altcoins to follow suit once BTC hit a new high.
The institutional interest is also high on the BTC price. For context, the US Spot Bitcoin ETF recorded an inflow of $588.6 million on June 24. On Monday, the influx into the investment instrument totaled $350.6 million, Farside Investors’ data showed.
This strong inflow suggests that the institutions are actively betting on the flagship crypto and its potential. Simultaneously, a flurry of experts are also bullish on the future trajectory of the coin.
Recently, Robert Kiyosaki reiterated his prediction that Bitcoin price is likely to rally to $1 million in the next five years.
On the other hand, many have deemed the latest BTC crash as a healthy market trend, citing it as an opportunity for investors to buy at lower prices.
Having said that, it seems that BTC might hit a new ATH soon. Michael van de Poppe said that the flagship crypto will create a new record this July, which has also sparked discussions among market participants.
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