$BTC Bitcoin approaches the resistance of $107,500 after recovering $106,000 amidst renewed momentum

Bitcoin recovers $106,000, targeting a resistance of $107,500 amid strong on-chain activity and institutional interest, indicating potential for further bullish momentum.

The recent surge of Bitcoin above $106,000 reflects a significant shift in market dynamics, underscored by a gain of 3.27% over the last month.

This movement comes after a volatile period in early June, where BTC briefly fell below $101,000 but quickly recovered.

The volume-to-market capitalization ratio of 1.72% and consistent on-chain metrics indicate that Bitcoin remains under strong control by long-term holders and institutional investors.

The immediate resistance level of $107,500 is crucial, as it represents the previous peak from late May. A successful breakout of this level could drive new gains, potentially pushing Bitcoin towards the psychological milestone of $110,000, which has remained elusive during the current cycle.