- Bitcoin hits $106.8K daily close, just 2.3% below its all-time high of $109,356.
- Futures open interest hits $75B, signaling rising leverage and breakout potential.
- Spot ETF inflows exceed $3.3B in May, showing strong institutional buying momentum.
Bitcoin recorded its highest daily close ever at $106,800, breaking through the key $106K resistance level. This move places the asset just 2.3% below its all-time high of $109,356. With strong institutional flows and growing futures interest, analysts believe a new all-time high could be reached soon.
Bitcoin Price Clears Key Resistance as Futures Exposure Surges
Bitcoin is currently trading near $106,300 after briefly topping $108,000. According to CoinGlass data, Bitcoin futures open interest reached a record high of $75 billion, indicating strong leveraged participation. The Chicago Mercantile Exchange leads with $17.4 billion, while Binance and Bybit follow.
The latest liquidation heatmaps show clustered short positions above the $108K zone. A breakout above this level could trigger large-scale short liquidations and accelerate the upward move. According to an observation by Coinglass, substantial liquidity bands exist near $110K, pointing to increased volatility if price pushes higher.
Technical levels have aligned closely with this momentum. According to crypto trader Merlijn via X, “Bitcoin just triggered the SOS phase,” referring to the Wyckoff structure. This phase often signals the start of a strong upward trend.
Institutional Demand and On-Chain Strength Support the Rally
Institutional interest remains strong, with spot ETF inflows exceeding $3.3 billion this month. Coinbase’s positive premium signals that the rally is supported by spot buying rather than derivatives. According to Cas Abbe via X, ETFs are purchasing $400M–$500M in BTC daily.
Major firms like MetaPlanet and MicroStrategy have also increased their holdings, acquiring over 8,000 BTC last week. At the same time, on-chain data shows strong bid support around $106K, confirming solid market demand.
Analysts now eye $109K as the next resistance, with $116K and $128K mentioned as short-term upside targets. Bitcoin’s chart structure and liquidity metrics suggest it is nearing a new price discovery phase above its all-time high.
