Bitcoin (BTC) rose by 3.0% to $109,564 this
week, returning to the resistance zone of $108,000–110,000 and now facing a key
turning point. It could either pull back to the $103,000–105,000 area or
attempt a breakout to new all-time highs. All of the gains occurred on Monday,
with prices peaking at $110,642 — just shy of the record $111,955.
The rally is being linked to unexpected
comments from SEC Chair Paul Atkins, who instructed staff to explore regulatory
exemptions for DeFi projects. This marked a stark shift from the SEC’s prior
stance under Gary Gensler, who had been notably strict toward the crypto
industry. Binance founder Changpeng Zhao hailed the news, calling June 9 “DeFi
Day.”
Elon Musk also returned to the spotlight,
voicing support for former President Donald Trump in a dispute with
California’s governor. Musk acknowledged his earlier criticisms of Trump were
misplaced. Just days before, a public spat between the two triggered a 4.0%
drop in BTC to $100,309.
Meanwhile, the U.S. and China appear to have
reached a preliminary trade agreement during talks in London. The framework now
awaits final sign-off from Trump and Xi Jinping. If approved, it could ease
trade tensions and further support market sentiment.
Despite Bitcoin trading near record highs,
investor caution remains. Last week, spot Bitcoin ETFs (IBIT, FBTC, GBTC) saw
outflows of $474.0 million, following $667.2 million in the prior week. Another
$130.4 million in net outflows were recorded this week, but given the strong
inflows over the past two months, this is seen as a temporary adjustment. Large
investors seem to be holding their positions, while retail investors have grown
wary after recent volatility.
These conditions suggest a strong setup for
BTC to continue higher. While a pullback to $103,000–105,000 is still possible
— especially if U.S. inflation spikes or other macro risks emerge — such a drop
may be the last major buying opportunity before BTC advances toward
$150,000–170,000 in the medium term.
The Senate is expected to approve the GENIUS
stablecoin bill this week. It follows Circle’s IPO — the issuer of USDC — which
underscores the need for regulatory clarity. SEC Chair Atkins has also
indicated that DeFi regulation is next in line.
This creates a constructive backdrop for
crypto markets, but whether it will be enough for BTC to break through $110,000
is still uncertain. A successful breakout could trigger acceleration toward the
next target at $117,000–127,000. Failure to break out would likely lead to one
final correction toward support at $98,000–100,000 before the rally resumes.