Bitcoin Price News: BTC Resumes Path to $140K After Brief Pullback

The price currently sits at around $108,500 as the market waits for the outcome of the negotiations between the United States and China to normalize tariffs.

Open interest in Bitcoin futures has ticked higher after falling flat for a few days. The volume of outstanding contracts is now nearing its 2025 record in USD and has exceeded the 700,000 BTC mark, which is near all-time high territory.

The market seems to be aiming to squeeze short-sellers after a drop to $100,000 attracted bears. BTCUSDT’s long/short ratio of accounts on Binance dropped from 1.43 on 5 June to 0.56 at the time of writing, meaning that retail traders are mostly bearish on BTC.

As a result, today’s rally could be a targeted attempt to liquidate these traders by pushing BTC to, or at least near, its latest all-time high.

EMA Crossover Buy Signal Still Holds Up

Other cryptocurrencies including Ethereum (ETH) and Solana (SOL) have experienced mild gains of 2% and 1.5% respectively in the past 24 hours. However, pulling a 2% increase in a financial mammoth like Bitcoin, whose market cap already exceeds $2 trillion, is no easy feat.

Hence, big volumes seem to be involved in this rally, either in anticipation of some positive news from the U.S.-China meeting or as a move from market makers to position themselves favorably to dump their bags on unwary retail traders if negotiations go sideways.

In previous price predictions, we shared a potential mid-term target of $140,000 for Bitcoin (BTC) resulting from how the token performed the last time it posted a ‘golden cross’ – a bullish crossover between the 9-day and the 200-day exponential moving average (EMA).

Since that crossover occurred, Bitcoin has booked gains of nearly 25%. These are attractive gains already but the token could have much more in store if this signal realizes its full potential.

The last time that this golden cross occurred, the price went on to rise by 70% just three months later. Only a month and a half have passed since this last buy signal so the rally may still have a long way to go before it reaches a phase of exhaustion.

If BTC were to deliver similar gains compared to last year, this means that the token could rise to $140,000.

Big Corrections Provide Better Entries

At this point, any big correction could provide a much better entry for late buyers. The token’s big bounce off $100,000 shows that there are significant buying volumes (outstanding order blocks) at these levels.

Heading to a lower time frame, we can see a few relevant levels to watch for the week including $101,000 and $107,000 as key supports to watch for the next few days. The latter is the most interesting and relevant of the two as a retest of this area could confirm a bullish outlook that propels BTC to its next area of resistance at $110,500.

Combined with a bullish outlook in the daily chart, this retest would provide a great entry for a big trade that bets on the rally’s continuation beyond its recent all-time high.