Bitcoin ATH Spurs on Miner Profit-Taking and Leverage Rally
Bitcoin surged past its previous record high, topping $118,000 after a 10% weekly gain and nearly 6% in 24 hours. Renewed bullish sentiment was driven by aggressive call buying in the options market and a proprietary trend model flipping bullish with a 60% probability of further gains. On-chain metrics show miner outflows to exchanges spiked—the first notable increase since May—while spot Bitcoin ETF inflows strengthened. In derivatives, open interest rose from $33 bn to over $41 bn and funding rates turned positive at about 0.012% per eight hours, highlighting leveraged traders’ bullish bias. Historical breakouts suggest potential 20% returns, targeting around $133,000 by September. Traders should monitor on-chain flows, ETF volumes, open interest and funding rates for insights on rally sustainability and volatility risks.
Bullish
The combined data points to continued bullish momentum. Short term, aggressive call buying, rising open interest and positive funding rates indicate leveraged traders are confident in further upside. Spot ETF inflows and a bullish trend signal model reinforce institutional participation. Although miner profit-taking may add volatility, on-chain outflows remain moderate compared to past sell-offs. Historical breakout patterns support a potential 20% rally, underpinning a bullish outlook. Over the longer term, mounting technical momentum and renewed institutional demand suggest sustained price discovery.