Bitcoin Surges to 42-Day High – Can It Break Through the Resistance Wall?
Bitcoin bulls are back in charge as the king of crypto punches through to its highest level in six weeks. But the party might not last—classic resistance looms ahead like a Wall Street bonus clawback clause.
Technical hurdles emerge after rally
The 42-day high marks Bitcoin's most convincing uptick since its last bull run, with traders now watching whether institutional money will follow retail's lead. Chart patterns suggest make-or-break territory ahead—fail to breach resistance, and we're looking at another consolidation phase before the next leg up.
Market watchers split on next move
Some analysts see this as the start of a fresh accumulation phase, while skeptics point to shrinking trading volumes. Either way, Bitcoin's proving it doesn't need ETF approvals or Fed rate cuts to move—it just needs traders to stop overleveraging (good luck with that).
One thing's certain: the crypto market never fails to serve up drama—or separate fools from their money faster than a hedge fund management fee.
Profit takers cap market volatility
According to Markus Thielen, founder of 10x Research, this tug-of-war between buyer demand and selling on highs is compressing volatility.
“Long-term OG investors continue to sell into the steady ETF-driven demand, effectively absorbing inflows and keeping price action in check,” Thielen said in a Thursday note to clients. “This dynamic has led to a compression in volatility, but a breakout is inevitable.”
CryptoQuant’s 30-day rolling chart shows net ETF inflows surged by 128,000 BTC in June, the strongest accumulation period since early 2024. The uptick precedes a more modest 36,000 BTC inflow seen in prior weeks.
However, even as ETFs absorbed vast amounts of supply, whale activity on centralized exchanges went up as well. Binance exchange reserves saw large BTC inflows from $2.3 billion to $4.59 billion in just 24 hours, coinciding with the ETF accumulation window.
The simultaneous movement suggests that high-net-worth individuals, funds, or advanced trading desks were not exiting positions, but rather repositioning assets for liquidity access.
Some analysts argue these inflows do not necessarily reflect bearish intent. Instead, they could be linked to market makers preparing to arbitrage between ETF pricing and spot markets.
On the mining side, data from IntoTheBlock shows that the combined balance in miner wallets declined by approximately 30,000 BTC in just 20 days, dropping from 1.94 million at the end of May to 1.91 million in mid-June.
According to analysts, the miners’ share of total spot volume is currently at its lowest point since 2022, which has diminished their influence on price direction.
Bitcoin market conflict over purpose
Alexander Blume, managing partner at SEC-registered adviser Two Prime, believes Bitcoin investors are in two minds on whether the coin is a speculative asset or a longer-term investment.
“Amidst the recent geopolitical turmoil, it makes sense that speculators and leverage traders are taking risk off the table. At the same time, new long-term investors are buying the dip,” Blume said in a recent interview. “It seems about right that we are currently at an equilibrium of these groups.”
Accumulation patterns that defined Bitcoin’s rally from $75,000 to six figures in early April have weakened. Benjamin Lilly, co-founder of Jarvis Labs, attributes this to a preference for capital-efficient strategies.
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