$BTC Bitcoin aims for new highs as futures activity highlights a paradigm shift

Bitcoin's surge above $109,000 was supported by strong technical and on-chain signals.

Bitcoin surged above $109,000 as the global money supply reached new highs.

BTC's open interest increased by 10% amid a strong Coinbase Premium and a stable funding rate, indicating spot demand.

Multiple technical indicators suggest that a major breakout is underway, with analysts targeting a Bitcoin price of $137,000.

The price of Bitcoin

BTC

€93,452

spiked on Wednesday, rising 3.6% and reaching $109,730 for the first time since June 12. The recovery came as the global money supply (M2) hit a new all-time high above $55 trillion.

If Bitcoin closes the daily candle above $108,500, it will confirm a strong bullish engulfing pattern, increasing the likelihood of new highs sooner rather than later.