Bitcoin price chart is witnessing a recovery in the last 24 hours as bulls target the Global M2 supply and cup-and-handle pattern formation in the daily chart. While some analysts expect BTC price retracement below $100K again, bulls continue to hold despite the Israel-Iran conflict.
The Global M2 Money Supply kept on rising and projects Bitcoin to hit another all-time high. It refers to the total money supply, including M1 (cash and checking deposits), savings accounts, time deposits, and mutual funds. Typically, when global M2 money supply increases, BTC typically follows about 12 weeks later.
Meanwhile, Bitcoin chart is forming a cup-and-handle pattern in the daily timeframe. The global M2 and bullish chart formations are likely keeping investors, including institutional investors, bullish. As evident from the spot Bitcoin ETF flow data, the inflows are gaining despite the Middle East conflict and US tariffs jitters.
Notably, Bitcoin price rebounded successfully from a recent crash that saw over $1.2 billion in crypto liquidations. The price rebounding after touching the key 50-SMA has supported traders’ bullish outlook on a further rally. Also, the RSI was at 53 and rising, suggesting high odds of BTC price rally due to plenty of room until the overbought zone.
In the daily timeframe, Bitcoin is currently moving upwards, likely to complete the cup-and-handle pattern formation. If the price successfully breaks above Bitcoin’s previous high, then BTC price could rally to $168K as per the cup depth of 50%.
However, Bitcoin price needs to hold above key resistance levels near $107.2K and the psychological $110K level.
BTC price jumped 2% in the past 24 hours, with the price currently trading at $107,050. The 24-hour low and high are $104,519 and $107,251, respectively. Furthermore, the trading volume has increased by 18% in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, the total BTC futures open interest climbed over 2.40% in the past 4 hours and over 4% in the last 24 hours. At the time of writing, the total BTC futures OI was $72.16 billion.
