- Bitcoin prints a new Golden Cross, signaling potential continuation toward $120K.
- ETF inflows and $80B futures open interest highlight strong institutional demand.
- On-chain metrics show minimal profit-taking, supporting sustained bullish momentum.
Bitcoin is transitioning into what analysts describe as “Price Discovery Uptrend 2,” as its price action, volume, and market structure continue to support a strong upward trend. With the asset currently trading at $108,576.53, key metrics suggest Bitcoin may be setting up for another move toward $120,000.
Golden Cross and Technical Momentum Align
According to analysis prepared by Merlijn The Trader via X, Bitcoin has just printed another Golden Cross, a bullish signal that has previously led to parabolic moves. The analyst noted, “The last 2 times? Parabolic moves. This time won’t be different.”
Bitcoin’s daily candles continue to close in the upper third of their range, while the Bollinger Bands are expanding upward. TradingView data shows that the upper Bollinger Band is near $112,942, acting as the next resistance level, with $103,522 as midline support. This setup indicates that buyers are active and momentum remains intact.
RSI data shows mixed signals. Bitcoin’s RSI sits at 75 on the daily chart and 70 on the 12-hour timeframe, showing strong buying activity. However, readings are not yet extreme across all timeframes, which may allow further price movement before any cooling phase.
Institutional Interest and On-Chain Strength Support Rally
According to CryptoQuant analyst Crypto Dan, Bitcoin’s short-term holder Spent Output Profit Ratio (STH SOPR) is at 1.02%, showing minimal profit-taking despite new all-time highs. The MVRV Z-score remains at 2.8, well below the typical red zone that signals market tops.
According to Coinglass, Bitcoin futures open interest has surged past $80 billion, reflecting growing leveraged exposure. Open interest at $110,000 and $120,000 strike prices on Deribit confirms strong positioning by options traders anticipating further gains.
ETF inflows exceeding $2.5 billion this week suggest robust institutional demand. Combined with a positive volume delta and retail participation on exchanges, analysts expect Bitcoin to attempt a breakout toward $120,000 in the near term.
