Jun 25, 12:28 PM

Bitcoin Climbs Near $108,000 as Bullish Pattern Fuels Breakout Bets

Bitcoin extended its mid-year rebound on Wednesday, trading between $107,000 and $108,000 after a three-day climb of roughly 10% from last week’s low near $98,400. The rally leaves the largest digital asset less than 4% below its record high of about $112,000 reached in May. Technical analysts point to a bull pennant—formed after a 52% surge from $98,000 to $112,000—suggesting that a sustained break above the $110,000 resistance could propel prices toward $125,000 to $165,000. ForexLive and Cointelegraph said the pattern projects gains of 25–54%, while on-chain data show exchange inflows and outflows have fallen to a 10-year low of roughly 40,000 BTC a day, hinting at tight supply. Institutional demand also appears to be firming. Spot Bitcoin exchange-traded funds recorded about $589 million of net subscriptions so far this week, according to trading-desk estimates. Bitcoin’s share of the overall cryptocurrency market has risen to as high as 66%, its strongest reading since early 2023. Sentiment has been bolstered by a series of policy signals. Federal Reserve Chair Jerome Powell told lawmakers the central bank has no objection to regulated banks offering crypto-related services, and Japan’s Financial Services Agency is exploring rules that would clear the way for cryptocurrency ETFs. The confluence of supportive regulation, tightening supply, and renewed risk appetite is encouraging some strategists to forecast fresh highs for the token in the second half of 2025.