Bitcoin (BTC) has surged past the $109,000 mark, sparking renewed optimism among investors as multiple on-chain and technical indicators align in favor of further upside. With a growing global money supply and a sharp rise in futures activity, analysts are now eyeing $137,000 and beyond as the next potential price targets.
BTC Rallies to $109,730 Amid Record Global Liquidity
On Wednesday, Bitcoin jumped 3.6%, peaking at $109,730, its highest level since mid-June. This move comes as the global M2 money supply surpassed $55 trillion, supporting a broader risk-on narrative. Analysts emphasize that a daily close above $108,500 would confirm a bullish engulfing pattern, which historically precedes strong upward continuation.
A confirmed breakout at this level could unlock price discovery and lead to a new all-time high.
BTC Futures Open Interest Surges Over $3.2 Billion
A key driver of Bitcoin’s move was the 10% increase in open interest (OI) across major futures exchanges, adding $3.2 billion in notional volume. The increase in OI was largely fueled by long positions, reflecting confidence in Bitcoin’s upward trajectory.
Importantly, funding rates across perpetual futures remained stable, indicating that the rally wasn’t fueled by excessive leverage. This supports the view that the price surge is spot-driven and sustainable.
“Stable funding during rising prices signals healthy momentum without speculative overheating,” analysts note.
In the last 12 hours alone, over $196 million in short positions were liquidated, contributing to a short squeeze that helped propel BTC beyond its recent resistance levels.
Coinbase Premium Signals Institutional Buying
Adding further credibility to the bullish case, the Coinbase Premium Index — which tracks the price difference between Coinbase and other exchanges — remained elevated throughout the rally. This suggests sustained spot buying pressure from U.S. investors, including institutional participants.
Such activity historically correlates with bullish macro shifts in market structure, and may be signaling increased capital allocation toward Bitcoin as a hedge against inflation and fiat dilution.
Next Target: $137,000 and Beyond?
According to trader Rekt Capital, a weekly close above $109,300 would clear the last major resistance before Bitcoin enters price discovery mode.
Technical analyst Titan of Crypto also pointed to a bullish MACD crossover and a breakout from a bullish flag pattern, which could trigger what he calls a “magnet effect” toward $137,000.
Meanwhile, volatility analyst Jackis noted that Bitcoin recently hit its lowest volatility levels since 2023, a rare signal that has historically preceded explosive price action within weeks.
Key Takeaways:
Bitcoin broke $109,000, hitting $109,730 on July 2.
Open interest surged by $3.2B, primarily on long positions.
Funding rates stable, indicating a sustainable spot-led rally.
Short squeeze liquidated $196M, accelerating the breakout.
Analysts now target $137K–$170K if momentum continues.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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