The Bitcoin price has held steady above the key resistance level of $94,000 this week as the recent rally stalled. The cryptocurrency is up 26% from its lowest level this month and is at its highest level since February 24.
Bitcoin Demand Is Rising
There are indications that demand for Bitcoin remains robust this year. Recently, Cantor Fitzgerald, Tether, and Softbank have joined forces to accumulate Bitcoin in the coming months. This is notable as companies such as Strategy, Semler Scientific, and MetaPlanet are also increasing their Bitcoin holdings.
Wall Street investors are also increasingly buying Bitcoin. According to data from SoSoValue, spot Bitcoin ETFs added over $379 million in assets last Friday. They have gained over the past six consecutive days, resulting in a weekly gain of over $3 billion. This was a significant increase compared to the $15 million added a week earlier.
All spot Bitcoin ETFs have accumulated assets in recent weeks. The iShares Bitcoin ETF (IBIT) has $56 billion in assets under management, while Fidelity’s FBTC, Grayscale’s BTC, and Ark’s ARKB each manage over $5 billion.
Bitcoin’s price rose as demand for safe-haven assets grew, outperforming stock markets during the recent panic over tariffs and concerns that Trump might fire Federal Reserve Chairman Jerome Powell.
Bitcoin’s rise also coincides with the increase in global M2 money supply. The US has an M2 money supply of over $21 trillion, while China has over $42 trillion. Historical data shows that the BTC price tends to rise with the increase in money supply.
Meanwhile, most crypto analysts on X are bullish on Bitcoin’s price. In one post, Reed Carson, a leading expert with nearly 20,000 followers, reported that it could rise to $120,000 by the end of July.
The weekly chart shows that the BTC price bottomed at $74,660 earlier this month as the Fear and Greed Index fell. It rose to a high of $94,000 after a morning star candlestick pattern formed three weeks ago.
Bitcoin broke above the 50-week exponential moving average (EMA), suggesting that bulls remain in control. The Stochastic Oscillator continued to point upwards and has just crossed above the neutral line.
Accordingly, the cryptocurrency is expected to continue moving higher as bulls target the all-time high of $109,300, which is about 15% above the current level. This rally could occur in the coming weeks as some of the biggest macroeconomic risks, such as tariffs and the potential dismissal of Jerome Powell, have been mitigated. However, this means that the jump to a record high will not happen this week.
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