Bitcoin price suddenly soared today: What's happening?

The price of Bitcoin has recorded an increase of over 3% today and is currently trading at 105,184 dollars at the time of writing after reaching a high of 106,100 dollars on June 23, up to 8% from the low of 98,240 dollars on June 22.

Factors Driving the Growth of Bitcoin

Ceasefire between Israel and Iran calms the market

On June 24, U.S. President Donald Trump announced that Israel and Iran had reached a ceasefire agreement, which eased concerns about the tense situation in the Middle East. This ceasefire helps restore investors’ risk appetite, positively impacting the price of Bitcoin and other risk assets.

The conflict that lasted 12 days earlier, with attacks between Israel, the US, and Iran, caused the price of Bitcoin to plunge below $100,000. However, with the situation stabilizing again, investors have returned to risky assets, and the price of Bitcoin has recovered strongly, surpassing $106,000, opening up an upward momentum for the entire cryptocurrency market.

Strong spot Bitcoin ETF inflows

Along with the market-wide recovery, capital inflows into spot Bitcoin ETFs in the US have also grown strongly, reflecting the growing interest from investors who want exposure to cryptocurrencies within a safe regulatory framework. According to data from Farside Investors, spot Bitcoin ETFs have recorded inflows for 10 consecutive days, bringing the total inflows to $49.9 billion since their launch in early 2024. On June 24, these ETFs alone attracted an additional $350.6 million.

! Total Accumulated Cash Flow of Spot Bitcoin ETF | Source: Farside Investors### Demand from institutional investors soaring

Besides, institutional investors are also stepping up their participation in the Bitcoin market. In the past week, Strategy, the largest Bitcoin holder, bought an additional 245 BTC worth $26 million, while Japan’s Metaplanet also bought another 1,111 BTC, worth about $118 million. This participation reflects strong confidence in Bitcoin as a leading digital asset, and the price is forecast to continue to rise in the near future.

“Handle Cup” technical model aiming for $144,000

Technically, the BTC/USD pair is currently creating a “Handle Cup” pattern on the daily chart since January 20, indicating the possibility of an upcoming strong bull run.

Currently, the BTC price is trading within the handle range of this pattern, and is aiming to break the resistance at $105,000, which is the price corresponding to the simple moving average (SMA) 50 days. If the price breaks above this level, it will face another resistance from the neckline of the pattern, at $109,000.

If in the coming days, the day candle closes above the neckline, this will open the door for Bitcoin to head towards the next resistance level of $112,000 — the all-time high set on May 23. Breaking this threshold will likely take the Bitcoin price towards an even higher technical target, reaching $144,000, which is equivalent to a 37% increase from the current price.

These signals all indicate that the market is ready for a strong rally in the near future if technical factors continue to move favorably.

! BTC/USD Daily Chart | Source: TradingViewThe RSI is currently at 69, indicating that market conditions still support Bitcoin’s uptrend. If the price can break through the resistance at $105,000, technical signals point to the possibility of reaching a new record high above $112,000 by the end of this week.

With the above factors, the price of Bitcoin can completely continue to conquer new milestones in the near future, especially when institutional capital flows and macro factors support the long-term growth trend.

Justin