- Bitcoin holds above the 4H trendline despite tariff-driven volatility, showing continued price resilience.
- $13.8B in options expiry and strong ETF inflows support bullish outlook above $109K level.
- Whale activity and institutional demand remain high, with large positions influencing market direction.
Bitcoin is currently trading at $108,906.51, maintaining its position above a major trendline on the 4-hour timeframe. Despite recent volatility triggered by geopolitical tensions and tariff threats, Bitcoin’s price action shows resilience as traders focus on key support and resistance levels.
Technical Support and Market Reaction
According to an analysis prepared by MerlijnTrader, Bitcoin continues its pattern of consolidation, breakout, retest, and pump. After the recent sell-off linked to the U.S. tariff announcement on the EU, BTC price dropped to retest a naked Point of Control (nPOC) near $106,764.
This level, created in mid-May, acted as a strong support zone where demand previously surged, supporting a bounce of 1.15% at press time. Key levels to watch include the support near $106,017, which could trigger a reversal if breached, and resistance at the previous all-time high around $110,000.
The largest monthly Bitcoin options expiry of 2025 is approaching, with open interest around $13.8 billion, giving bulls an opportunity to defend the $110,000 level. According to Laevitas.ch data, put options concentrated below $109,000 have limited relevance if BTC holds above current levels.
Leverage, Whale Activity, and Institutional Demand
The recent volatility flushed $638 million in leveraged positions, with a $1.87 billion drop in open interest. Despite this, some leverage remains, indicating ongoing trader engagement. Myers forecasts Michael Saylor’s Strategy could own $70 trillion in Bitcoin by 2045, reflecting growing institutional interest. Currently, Strategy holds 576,320 BTC valued at over $62 billion.
DaanCrypto noted that the Hyperliquid Whale recently closed $200 million of a $1.2 billion long position, which is now underwater but has delivered $31 million profit in the past month. Due to the position’s size, even partial exits impact price movement by several hundred dollars per trade.
Net inflows of $1.9 billion into U.S. spot Bitcoin ETFs between May 20 and May 22 also reinforce bullish demand. Traders now focus on maintaining support above $109,000 to fuel a potential advance toward new highs.
