Bitcoin closes the day at $106.8K, barely 2.3% less than its peak of $109,356.
Open interest in futures reaches $75 billion, indicating increased leverage and possible breakout.
In May, spot ETF inflows above $3.3 billion, indicating robust institutional purchasing power.
Bitcoin broke past the crucial $106K barrier mark and reached its best daily closing ever at $106,800. With this change, the asset is only 2.3% off its peak of $109,356. Strong institutional flows and rising interest in futures lead experts to predict that the market may soon hit a new all-time high.
After briefly surpassing $108,000, Bitcoin is now trading close to $106,300. Strong leveraged involvement was evident when Bitcoin futures open interest hit a record high of $75 billion, according to CoinGlass statistics. With $17.4 billion, the Chicago Mercantile Exchange is in first place, followed by Binance and Bybit.
Clustered short positions over the $108K zone may be seen in the most recent liquidation heatmaps. Large-scale short liquidations might be triggered by a breakout above this level, which would quicken the rising trend. Coinglass notes that there are significant liquidity bands around $110,000, which suggests that if the price moves higher, there will be more volatility.
This momentum has been closely matched by technical levels. “Bitcoin just triggered the SOS phase,” according to cryptocurrency dealer Merlijn via X, alluding to the Wyckoff structure. This stage frequently marks the beginning of a robust rising trend.
Spot ETF inflows this month have topped $3.3 billion, indicating that institutional demand is still high. The positive premium on Coinbase indicates that spot purchasing, not derivatives, is driving the surge. Cas Abbe reports via X that ETFs buy $400 million to $500 million worth of Bitcoin every day.
Large companies like MicroStrategy and MetaPlanet have also expanded their holdings; last week, they bought over 8,000 BTC. Confirming significant market demand, on-chain data also indicates strong bid support at about $106K.
With $116K and $128K indicated as short-term upside goals, analysts are now looking at $109K as the next obstacle. Bitcoin appears to be approaching a new price discovery phase above its all-time high, based on its chart structure and liquidity measures.
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