- BlackRock’s Bitcoin ETF IBIT hits $80B AUM, signaling strong institutional demand.
- RSI over 72 and bullish MACD suggest Bitcoin’s rally may still have room to run.
- Short liquidations near highs hint at potential squeeze toward the $122K level.
Bitcoin’s price continues to draw attention as institutional involvement intensifies. BlackRock’s spot Bitcoin ETF IBIT has surpassed $80 billion in assets under management within just 374 days, marking the fastest accumulation of assets for any ETF in history.
This rapid growth highlights the rising role of institutional capital in the cryptocurrency market and reinforces Bitcoin’s position within the broader financial system. The ETF’s performance reflects strong investor demand and regulatory acceptance, potentially influencing other financial institutions to explore similar vehicles.
Meanwhile, prominent figures in the industry have presented ambitious forecasts. Adam Back, CEO of Blockstream, projects that Bitcoin could reach $1 million within the next five years. Additionally, Anthony Scaramucci of SkyBridge Capital has indicated expectations of a $150,000 to $180,000 price range by the end of 2025. These forecasts align with the increasing interest from hedge funds, asset managers, and family offices seeking exposure to Bitcoin as a store of value and portfolio diversification.
Technical Indicators Signal Continued Bullish Momentum
At press time, Bitcoin is trading at around $117,166.65, marking a slight daily decline of 0.03%, while the asset’s market capitalization stood at $2.34 trillion. Trading volume over the past 24 hours totaled $64.28 billion, reflecting a 46.18% drop from the previous session. A positive technical structure has supported the recent upward movement.
The Relative Strength Index (RSI) has risen to 72.47, indicating overbought conditions. Historically, such RSI readings have often preceded either a consolidation phase or a continuation of the uptrend, contingent upon volume support and broader market sentiment.
At the same time, the Moving Average Convergence Divergence (MACD) indicator continues to reflect growing buying interest. The MACD line, currently at 2,413, is positioned above the signal line at 1.443, and the histogram has turned positive, suggesting sustained upward momentum.
Liquidity Clusters and Leverage Metrics in Focus
The analysis of the market structure indicates a large liquidity pool in the price range between 118,000 and 122,000. These areas would provide a magnet for price movement, particularly when short positions are liquidated. Conversely, the lower side has support forming against the $116,000 figure, with lesser liquidity. Such tendencies suggest that the price volatility rate may be high, as traders may exploit the stop-loss grouping and respond to price distress.
Open interest has increased to $83.71 billion, underpinning the rising stakeholders in the derivatives market. An increasing open interest in connection with the price increase usually suggests a possible uptrend. Nevertheless, funding rates are slightly positive, indicating a dominant long position. This raises the risk of short-term weakness if bullish positions become overcrowded or if the price fails to follow through.
Related: Bitcoin Hits $118K: What’s Fueling This Unstoppable Rally?
Are Liquidations Tipping the Balance in Favor of the Bulls?
Liquidation data indicates short liquidation of $2.31M, compared to long liquidations of $1.04M, displaying that the bears are feeling the heat. Binance and Bybit were the most affected because leveraged short-sellers lost out abruptly. This trend supports a bullish sentiment, as short covering typically fuels sharp upward price movements.
In addition, such liquidations were close to the recent highs of Bitcoin, which indicates that traders are underestimating the power of this rally. Provided the current momentum persists, additional shorts may risk being offside to fuel a further rally of Bitcoin toward the $120K to $122K liquidity levels.
