Bitcoin Price News: BTC Resumes Path to $140K After Brief Pullback
Published: June 09, 2025
Author: Alejandro Arrieche
Key Points
- Bitcoin's open interest is nearing all-time records.
- Retail traders are positioned for a significant drop, which market makers may exploit.
- BTC could rise to $140,000 if a recent buy signal continues to hold.
Current Market Overview
The price of Bitcoin currently stands at approximately $108,500 as the market anticipates the outcome of tariff negotiations between the United States and China. Open interest in Bitcoin futures has increased, approaching record levels with over 700,000 BTC in outstanding contracts.
Market Sentiment
The market appears to be targeting short-sellers, especially after a recent drop to $100,000 that attracted bearish sentiment. The long/short ratio on Binance has decreased from 1.43 to 0.56, indicating that retail traders are predominantly bearish on Bitcoin.
This rally may be a strategic move to liquidate these bearish positions by pushing Bitcoin towards its all-time high.
Technical Analysis
Bitcoin has recently shown a 'golden cross' pattern, where the 9-day exponential moving average (EMA) crosses above the 200-day EMA, signaling a bullish trend. Since this crossover, Bitcoin has gained nearly 25%. Historical data suggests that similar patterns have led to significant price increases, with potential for Bitcoin to reach $140,000 if the current momentum continues.
Potential Corrections and Entry Points
Any significant corrections in the price could provide better entry points for late buyers. The bounce off the $100,000 mark indicates strong buying interest at this level. Key support levels to watch include $101,000 and $107,000, with a retest of $107,000 potentially confirming a bullish outlook and paving the way for a rise to the next resistance level at $110,500.
Conclusion
The current market dynamics suggest a bullish sentiment for Bitcoin, with potential for significant price increases if the positive trends continue. Traders should monitor key support levels and market developments closely.