Crypto
Bitcoin’s (BTC) rise above $109,000 provided momentum to the stagnant cryptocurrency market. This upward movement was a welcome respite following last week’s Trump-Musk public spat that briefly dragged the top crypto asset close to $100,000.
A market expert believes that the current rally “may have more room to run.”
Crypto Bullish Trend Remains Intact
Bitcoin has broken above its short-term downtrend after completing a bullish breakout from a consolidating triangle pattern typically associated with trend continuation. Prominent crypto analyst Markus Thielen noted that while he initially anticipated a quieter summer trading period, the strength of the current move suggests fresh capital is driving the rally as tariff concerns diminish.
In the latest edition of Matrixport analysis, Thielen pointed to steady momentum despite expected upward pressure in this week’s Consumer Price Index data, which is considered unlikely to halt Bitcoin’s current trajectory.
Markets have simultaneously reduced expectations for Federal Reserve rate cuts this year to just one, reflecting a more resilient US economy than previously forecasted. Thielen added that Bitcoin’s bullish trend remains intact, provided the cryptocurrency maintains levels above $105,075. This price point will now act as a critical technical threshold for continued upward movement.
Crypto Reduced Selling Pressure
Supporting this technical outlook, on-chain data provides additional evidence for the rally’s sustainability. According to blockchain analytics firm Glassnode, realized profit from long-term Bitcoin holders has experienced a dramatic decline, falling 89% from approximately $126 million to $13.6 million based on 24-hour simple moving averages.
The data reveals that despite Bitcoin trading at similar price levels to the late-May peak, seasoned investors who have held their positions for over one year are demonstrating significantly reduced profit-taking activity.
This sharp reduction in selling pressure from experienced holders suggests that this cohort of investors appears mo
