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Bitcoin has taken center stage again, surging over 3% in the last 24 hours to breach the $105,000 mark, a critical psychological and technical level. As of May 20, 2025, BTC/USD reached an intraday high of $107,148, up from a low of $102,100 on May 19, signaling renewed investor enthusiasm and a strong shift in market sentiment.
ETF Inflows Signal Growing Confidence
One of the key catalysts behind Bitcoin’s recent rally is the significant capital inflow into U.S. spot Bitcoin exchange-traded funds (ETFs). These ETFs have seen inflows in 18 of the last 21 trading days, attracting a total of $6.9 billion over the past three weeks, according to Farside Investors.
This consistent stream of capital highlights a clear trend: institutional and retail investors alike are increasingly seeking regulated exposure to Bitcoin. The ETF activity reflects a growing appetite for Bitcoin as a long-term store of value, particularly amid rising geopolitical uncertainty and inflationary pressures in global economies.
Additional insights from CoinShares confirm the narrative. Crypto investment products drew in $785 million over the last week, marking the fifth consecutive week of inflows. Notably, Bitcoin-specific products received $557 million, underscoring the asset’s dominance in institutional portfolios.
Corporate Giants Double Down on BTC
Institutional interest doesn’t stop at ETFs. Major corporate players are doubling down on their Bitcoin holdings. Strategy (formerly MicroStrategy), the largest corporate holder of BTC, recently acquired 7,390 BTC valued at approximately $765 million.
Meanwhile, Japan-based investment firm Metaplanet followed suit, adding 1,004 BTC worth about $129 million to its treasury. These high-profile purchases reinforce Bitcoin’s growing role as a strategic reserve asset for corporations seeking protection against fiat currency depreciation.
Bitcoin Futures Market Heats Up
Bitcoin’s rise is also being supported by explosive growth in the derivatives market. According to CoinGlass, Bitcoin’s total open interest (OI) surged to an all-time high of $72.63 billion on May 20, up 27% from $57.1 billion a month ago.
The rise in OI, particularly in the futures market, suggests increased demand for leveraged long positions, a sign that traders are positioning for further upside. Moreover, Bitcoin CME futures open interest climbed to a 90-day high of 157,875 BTC—worth over $16.76 billion—on May 19, as per Glassnode.
This level of futures activity mirrors the October–December 2024 period when Bitcoin rallied by 84% to reach its previous all-time high of $108,000. The current trend suggests that a similar price trajectory could be in play.
Technical Pattern Targets $138,000
From a technical analysis standpoint, Bitcoin is forming a classic cup-and-handle pattern, a bullish setup that has been unfolding on the daily chart since mid-December 2024.
The pattern consists of a rounded U-shape (the “cup”) followed by a short consolidation in a descending channel (the “handle”). A breakout above the handle’s resistance line typically confirms the bullish bias and sets the stage for a larger rally.
Bitcoin is now trading above the handle range and appears poised to break above the neckline resistance at $106,000. If a daily candle closes decisively above this level, it would confirm the breakout and likely push BTC toward its all-time high at $109,000.
More significantly, the technical target of this pattern is $138,000, representing a 31% upside from current levels. A move to this level would not only signal price discovery but also potentially set the tone for a new bullish phase in the broader crypto market.
Conclusion: The Road to New Highs
The confluence of bullish technical indicators, surging ETF inflows, and rising institutional demand is forming a strong foundation for Bitcoin’s continued rally. With BTC already above $105,000 and the market showing increasing conviction, a breakout to new all-time highs looks increasingly likely.
If the bullish momentum holds and Bitcoin decisively breaks past $109,000, the next logical target will be $138,000—opening the doors to a new era of price discovery.
Whether you’re a seasoned investor or just entering the crypto space, this could be a pivotal moment to watch closely. The stars may be aligning for Bitcoin’s next big leap.