Old Bitcoin is back in trend

The global reason behind Bitcoin's rise is quite simple: total distrust in traditional stores of value – including gold and fiat currencies.

Currently, the amount of BTC used in active exchange trading is rapidly declining: according to Glassnode, only 14% of total BTC supply remains on trading platforms. That’s the lowest level since 2017 and a strong supporting factor for the uptrend.

In June alone, approximately 290,000 BTC were withdrawn from exchanges (to fiat, other currencies, assets, or crypto), which is 9.4% less than in May. This trend clearly signals growing investor interest in long-term holding (“holding”). The current rally is driven by spot purchases – for the third month in a row, the spot-to-derivatives volume ratio for BTC has been in an uptrend. That means it’s real buyers – not speculators – driving this growth, and this renewed all-time high likely won’t be the last.

While we were trying to analyze the situation, BTCUSD broke through the $117,000 level and shows no sign of stopping. ETHUSD is fluctuating around the key $3,000 zone, and other tokens are trying to catch up with the leaders. Short liquidation is still ongoing but no longer affecting the broader dynamics.

According to classic technical analysis, a correction is badly needed – at least down to the $110K zone (ideally $105K). This would trigger StopLosses for late buyers and support the next bullish wave. However, a strong breakout of the psychologically critical $120,000 level would trigger further growth without a pullback.

The next target, if the rally continues, is in the $125,000–132,000 range – a new correction may occur there. Those who haven’t entered long positions yet – or who already closed shorts – may take a trading pause and carefully reassess the situation.

So we act wisely and avoid unnecessary risks.

Profits to y’all!