Bitcoin rallies above $108,000, breaks key level

Trading at ~$108,590, Bitcoin has found support in today’s session, trading ~3.82% higher. Benefitting from sustained institutional interest, optimism on future regulation, and technical buying, markets look towards key US inflation data later this week.

• Currently in a period of consolidation, Bitcoin's market cap currently sits around $2.15 trillion. Investor sentiment remains bullish, with support from ‘buy the dip’ interest
• Expected on Wednesday and Thursday, respectively, the upcoming Consumer Price Index and PPI data are particularly important for Bitcoin pricing this week. If inflation is shown to slow further ahead of the Fed’s June decision, this could offer further support to crypto pricing
• While tensions between President Trump and Elon Musk have weighed negatively on crypto pricing, Bitcoin has since erased all losses since the feud began

• Trading higher in today’s session, Bitcoin has recently broken above the 10 and 21-day EMAs, suggesting a potential for further bullish momentum in the short term. Recently finding support at the 50-day EMA, Bitcoin has benefited from technical buying and remains well-above the key level of $100,000
• Recent price action has seen Bitcoin break a descending channel towards the upside, suggesting the recent retracement in pricing could be short-lived. If price can maintain highs in today’s session, this will be encouraging for bulls
• If the rally is to continue, the next obvious target is previous highs at ~$112,030. Price will need to stay above ~$106,929 to secure more immediate upside