Highlights:
- Bitcoin is consolidating between $105,670 and $106,634 after the weekend rally
- Rally through $106,634 resistance could send it to $120k
- Easing uncertainty after the US government reopening supports a rally to $120k
Bitcoin (BTC) is in the green today, reflecting the rising bullish momentum across the market. At the time of going to press, Bitcoin was trading at $106,216, representing a 4.08% increase in the day. At the same time, Bitcoin’s intraday trading volumes are increasing. They have currently shot up by 45.67% to stand at $70.13 billion.
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The rising volume, alongside the price, is an indicator that buyers are entering the Bitcoin market in large numbers. This suggests that the price could continue to rise in the foreseeable future. Several factors support Bitcoin’s current price action and its potential for short-term growth.
US Government Reopening Pushing Bitcoin Higher
One of them is the move by US senators, late Sunday, to vote on reopening the government. Bitcoin and other risk-on assets were starting to feel the impact of one of the longest government shutdowns in US history.
Now that senators have agreed to fund the government, investors are beginning to reinvest capital in risk-on, high-growth assets. Since the news of the government reopening, Bitcoin, altcoins, and the stock markets are all in the green. Given that the government is reopening at a time when Bitcoin has dropped to a significant support level, the odds are high that its price could rise significantly in the short term.
THE GOVERNMENT WILL NOW OPEN. Enough Dem voted 🔛 with John Fetterman the deciding factor. 🇺🇸💲 pic.twitter.com/23bxthF4sZ
— Scott Katsura (@scottkatsura) November 10, 2025
Rising US Banking Liquidity Likely to Push Bitcoin Price
Besides news of the government reopening, data indicate that US banking liquidity is on the rise. Data shows that the spread between the Secured Overnight Financing Rate and the Effective Federal Funds Rate is closing. This means that funding in the banking system is increasing.
As such, banks are likely to be more comfortable funding speculative investments going into the future. This is good news for Bitcoin and cryptocurrencies in general, as these assets are highly speculative and carry a high level of risk.
All the info I posted in earlier note is public information provided by FRED and UST just google it to verify.
SOFR — When Funding Costs Break, Liquidity Breathes
This chart isn’t noise — it’s the signal.
What you’re looking at here is the entire funding backbone of the U.S.… pic.twitter.com/jccdHeRLLD— Sarosh (@SaroshQ2022) November 9, 2025
Institutional Interest In Bitcoin On the Rise
In addition to these positive indicators, Bitcoin is gaining support from the fact that institutional interest in the cryptocurrency is increasing. A recent report by Galaxy Digital indicates that more institutions are no longer viewing Bitcoin as a speculative asset. They see it as a long-term strategic asset. This explains why more of them are adding Bitcoin to their treasuries.
As this trend continues to grow, Bitcoin could experience a price rally that sends it to new highs in the foreseeable future. Even an allocation of only 5% by the S&P 500 companies could send Bitcoin to new highs.
🚀 The crypto market has evolved
From retail ➡️ institutional ➡️ corporate-ledFor 3 straight quarters, corporate treasuries have bought more crypto than institutions
When ETFs open the door for XRP, the same shift will happen
Companies + institutions = unstoppable demand 🏦… pic.twitter.com/IBEVuumCyC— BD (@DiepSanh) November 9, 2025
Bitcoin Exchange Reserves In Decline – Good for Bitcoin
More bullish for Bitcoin is that the allocations are happening at a time when Bitcoin exchange reserves are in decline. On-chain data shows that Bitcoin exchange reserves are at their lowest level in years. This is a significant development, as it indicates that despite market uncertainties, Bitcoin holders are not selling. This means all the institutional money flowing into Bitcoin is increasingly chasing a declining supply.
Bitcoin supply on exchanges just hit a record low of around 2.3M BTC.
This is the lowest level in years, signaling strong accumulation and long-term holder conviction.
Less supply = higher scarcity.#Bitcoin #BTC pic.twitter.com/sudv8fzP9h— TheWizard🧙🏻♂️ (@TheWizard_com) November 9, 2025
Based on the economic laws of supply and demand, this could send Bitcoin to new highs in the foreseeable future. It explains why some analysts believe Bitcoin could rally to over $150k, or more, before the end of the year.
Technical Analysis – Bitcoin Price Consolidating After Weekend Rally
Bitcoin was in the green for the better part of the weekend. While these gains flowed into Monday after the Government reopening, Bitcoin has started consolidating. It is currently trading between the $106,434 resistance level and the $105,670 support level.
If bulls gain momentum and push Bitcoin through the $106,434 resistance, a short-term rally to $120k could follow. On the other hand, if there is a correction through the $105,670 support, then a correction to $100k could follow. Of these two scenarios, a rally to $120k is more likely due to the reopening of the US government.
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