Bitcoin Breakout: BTC Surges Above 110K, Eyes Next Major Milestone
Bitcoin broke through the key $110,000 level on June 8, 2025, driven by a confluence of macro tailwinds, on-chain strength, and renewed institutional allocations. This breakout marks the cryptocurrency’s strongest momentum since the 2024 bull run.
Market overview
The crypto market cap climbed 5.2% intra-day, with Bitcoin leading gains and altcoins following suit. Total volumes on centralized exchanges surged past $45 billion, highlighting robust trading activity amid the price surge.
Rally drivers
Key catalysts included a weaker U.S. dollar index, higher inflation hedge demand, and positive commentary from major asset managers. On-chain, whale wallets added over 50,000 BTC to cold storage this week, signaling long-term conviction.
Technical analysis
Chartists note a golden cross on the daily moving averages and a breakout from a multi-month ascending triangle. RSI sits in overbought territory, suggesting short-term consolidation may occur before a run toward $120K resistance.
Institutional demand
Grayscale reported record inflows into its Bitcoin Trust, totaling $820 million on June 7 alone. Major funds such as Fidelity and Franklin Templeton have also disclosed fresh BTC spot allocations this quarter.
Outlook
Traders are eyeing the $120,000 mark as the next psychological barrier. Short-term pullbacks could provide entry points, but broader market trends remain bullish as Bitcoin cements its role as digital gold.
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