Bitcoin (BTC) is flashing strong bullish technical signals, forming both a cup-and-handle and a bullish flag pattern—two classic indicators of a potential upward breakout.$BTC
The leading cryptocurrency has hovered just below the key resistance level of $107,000 for the past three days. Despite this consolidation, Bitcoin is up nearly 10% from its weekly low.$BTC
What's Driving the Rally?
One major catalyst is the surge in inflows into U.S. spot Bitcoin ETFs, which pulled in $2.2 billion this week alone. That marks the third straight week of net positive inflows and more than doubles last week’s $1.02 billion.
According to SoSoValue data, these ETFs have accumulated $4.5 billion in inflows this month—though slightly below May's $5.2 billion, it still reflects strong institutional interest. Total cumulative inflows now stand at $48.87 billion, putting the $50 billion milestone within reach in July.
Adding to the bullish sentiment, Bitcoin supply on exchanges has dropped to its lowest level since 2017, indicating reduced selling pressure and increasing potential for a breakout. If momentum continues, analysts suggest BTC could soon challenge the recent peak of $111,900—and possibly set new all-time highs.