Bitcoin eyes $133K as it nears the top of its ascending channel after reaching $111.7K ATH.
Exchange BTC supply hits record low while volume surges to $44.5B, signaling strong demand.
Seven weekly green candles and golden cross patterns confirm the ongoing bullish breakout trend.
Bitcoin is trading around $111,426.68 and is approaching the upper boundary of its weekly ascending channel. According to technical analysts, this move aligns with a bullish continuation pattern, with a breakout confirmation currently in progress. The next key target is projected at $133,320.79, with traders expecting brief consolidation at current levels before the next leg higher.
Record Highs Fuel Momentum Amid Strong On-Chain and Institutional Support
Bitcoin reached a new all-time high of $111,700 on May 21, marking a major price milestone in 2025. Data from CoinGecko shows daily trading volume exceeding $44.5 billion, the highest since May 9. Analysts attribute this volume surge to institutional accumulation and long-term holders opting not to sell.
https://twitter.com/VipRoseTr/status/1925283202761195647
According to an observation by BitBull on X, Bitcoin supply on exchanges has dropped to record lows. This coincides with rising demand, increasing the possibility of a supply squeeze. "Less supply, More demand," the firm stated, forecasting that $200K "might come faster than expected."
Texas also passed a bill to add Bitcoin to its strategic reserves, which may have contributed to the price move. Whale entities, including MicroStrategy and Metaplanet, have continued acquiring Bitcoin aggressively. Market capitalization now stands above $2.4 trillion.
Technical Patterns and Macro Trends Align Toward Higher Price Targets
Bitcoin’s bullish trend has now formed seven consecutive green weekly candles, last seen in October 2023. If the weekly candle closes above $106,500, it would confirm the longest bullish streak in over a year. According to an analysis prepared by Titan of Crypto, Fibonacci extension levels show the next target at $133,320.79.
Further confirmation comes from a golden cross pattern on short-term SMAs, reinforcing the bullish structure. The Super SMA indicators remain aligned below price levels, forming a rising channel on the daily chart.
While profit-taking could pressure prices in the short term, on-chain indicators show continued accumulation. Volume and moving average trends remain supportive of further gains in the coming weeks.
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