The Bitcoin price has surged above $108,000, drawing renewed attention from traders and institutions alike. After weeks of sideways consolidation, the market appears to be gaining bullish momentum—but what’s really fueling this upward move?
Recent on-chain metrics and technical analysis point to a combination of healthy demand, capital readiness, and sustained institutional interest.
Purchasing Power Backs the Breakout
A key signal supporting the current rally is the Stablecoin Supply Ratio (SSR) Oscillator, which measures the buying power of stablecoin reserves relative to Bitcoin’s price. According to the latest Glassnode data, the SSR remains in neutral territory, meaning stablecoin capital is abundant—and ready to be deployed.
Source: Glassnode
This is important because SSR lows typically align with major accumulation phases. When traders and funds hold more stablecoins, they have more firepower to buy BTC during dips or breakouts. The current balance suggests that the rise in Bitcoin price is not just technical—it’s liquidity-supported.
Bitcoin Price Action Confirms Strength
From a technical perspective, the daily chart confirms the bullish bias. Bitcoin has been forming higher lows since early April, and this latest breakout above the $108K level suggests a continuation of the trend. The resistance near $110K is now being tested again, and volume remains consistent.
Source: Tradingview
As seen in the TradingView chart, the structure has held firm above key moving averages, and price has avoided volatile drawdowns—often a signal of market confidence.
If buyers continue to step in around $106K–$108K, analysts expect a possible extension toward the $112K–$115K zone.
ETF Flows Confirm the Trend
Institutional activity is also aligning with this momentum. As highlighted in our article on BlackRock’s Bitcoin ETF revenue milestone, BlackRock’s IBIT has now generated more fees than its own S&P 500 ETF, signaling strong institutional appetite.
ETF data from Farside shows that IBIT alone has absorbed over 52,421 BTC since the spot ETFs launched in January 2024. Even on July 2—after two days of flat inflow—ETFs recorded a net positive of +407 BTC, with IBIT again leading the chart. This suggests that institutions are still buying the dip, even during quiet trading sessions.
Such steady inflows reinforce Bitcoin’s role as a strategic asset, especially in an environment of increasing macro and regulatory uncertainty.
Final Thoughts: What This Means for Bitcoin Price Momentum
The current Bitcoin price rally appears to be built on strong foundations. Stablecoin purchasing power remains elevated, price structure is technically sound, and institutional capital continues to flow in at scale.
While resistance at $110K–$112K may offer short-term challenges, the alignment of these on-chain and macro factors suggests this could be the beginning of a broader breakout phase.
For further insights into how corporations are also embracing BTC as a reserve asset, check out our recent analysis: Bitcoin Enters Strategic Reserves – Why Corporations Are Buying BTC Now.
