Bitcoin Price Prediction – BTC Closes In On $110K as Price Breaches Multi-Week Resistance

Highlights:

• Bitcoin is trading at $109k, slightly above the $108,724 resistance
• Breach of resistance points to strong buying momentum
• Sustained momentum could see Bitcoin soon hit a price as high as $120k

Bitcoin is mostly unchanged intraday, reflecting the calm across the market. When going to press, Bitcoin traded at $109,077.91, up by 1.26% in the day. Unlike the price, BTC trading volumes have shot up in the day, up by 33% to stand at $39.01 billion. 

This can be interpreted in two ways. First, buyers anticipate a significant price move for Bitcoin in the short term. It could also mean that investors who believe Bitcoin has peaked are selling, especially now that the price has stagnated. Of these two scenarios, there is a higher chance that the rising volumes indicate growing confidence in Bitcoin. 

Holders Taking Their Bitcoin Off Exchanges Despite Rising Demand

One of them is that Bitcoin holders continue to get their coins out of exchanges. This is bullish because the average Bitcoin holder has no intention of selling anytime soon. Even as whales continue to take their coins off the market, demand from institutional investors continues to rise. This is evident because more institutions are adding Bitcoin to their reserves following Strategy’s lead. 

For instance, MetaPlanet recently bought an additional 2205 Bitcoin, bringing its total Bitcoin holdings to 15,555. Bitcoin ETFs also reflect rising demand. Bitcoin ETFs have continued to record strong inflows recently. From January 2025 to date, BTC ETFs have increased exponentially to reach the current level of $14.4 billion. As more institutional and retail investors push capital into Bitcoin ETFs, the odds are that the price will keep increasing over time.

Metaplanet Adds 2,205 $BTC!

Worth nearly $239 million, this latest purchase boosts their total holdings to 15,555 #BTC.

Metaplanet now ranks 5th globally among #Bitcoin-holding entities!

Institutions are loading up — are you paying attention? 👀 pic.twitter.com/Qc4UM1tzX9

— BitMonty (@Bit_Montie) July 7, 2025

Analysts Have A Strong Outlook For BTC In Q3

Another indicator of the rising bullish sentiment around Bitcoin is the positive outlook from professional market analysts. According to Standard Chartered Bank analysts, Bitcoin will likely go up 25% this quarter and hit a high of $135,000.

A similar bullish sentiment is coming from Rosenberg Research. The firm projects that Bitcoin will likely encounter strong resistance between $114k and $115k this cycle. However, Rosenberg Research reports a potential 25% rally to $143,000 if the price rallies past $115k. Such projections could see FOMO build up around Bitcoin and help push the price higher in the short term.

Standard Chartered forecasts BTC hitting $135K by Q3. ETF inflows and corporate Bitcoin buys might reach 245K BTC in Q3 & Q4—well above last quarter. Potential catalysts? Early replacement of Fed Chair Powell could be on the table. #bitcoin #crypto

— Captain Dackie (@captain_dackie) July 3, 2025

Macro Environment Increasingly Favorable to Bitcoin

The macro-environment also makes a case for a bullish BTC even stronger. One of the strongest macro indicators for Bitcoin is the regulatory environment in the US. The US has taken a strongly pro-crypto stance since Trump took office earlier in the year. The creation of the Bitcoin Strategic Reserve and individual states creating their reserves means demand for Bitcoin stands to keep growing. Many other countries are also increasingly adopting Bitcoin. Among the most notable ones are Brazil, Japan, and the Czech Republic, where Central Banks are considering adding Bitcoin to their reserves.

🇧🇷#Brazil’s Strategic Bitcoin Reserve Bill passes first committee, pushing the country closer to holding #BTC as part of its national reserves.

On June 12, Brazil’s strategic Bitcoin Reserve Bill 4501/2023 passed first committee, pushing the country closer to holding $BTC as… pic.twitter.com/xKKaqj3Nhl

— MartyParty (@martypartymusic) June 12, 2025

Technical Analysis – BTC Pushes Multi-Week Resistance But with Low Momentum

For weeks, Bitcoin has traded between $108,724 in resistance and $93,386 in support. However, the $108,724 resistance appears to be giving way, albeit with low momentum. If there is a clear break off the $108,724, BTC could be headed to new all-time highs in the short term. 

However, if the current low volatility price action continues, the odds are high that Bitcoin could fall back into the $108,724 resistance and $93,386 support level. In such a case, Bitcoin could continue before another breakout comes in the short to medium term.