After recording the highest monthly close in May, Bitcoin (BTC) is on the precipice of a major parabolic rally in the near future. The flagship coin successfully rebounded from a previous weekly resistance level of around $104k and is now signaling the onset of a fresh rally.
Moreover, the heavy crypto liquidations in the past few days have cooled down the leveraged market, thus setting the stage for a fresh bull run. Additionally, Bitcoin’s Futures Open Interest (OI) has gradually increased in the past two months from around $47 billion to about $71 billion on June 3, during the late-North American trading session.
According to on-chain data analysis from Santiment, around 151,820 Bitcoin wallets holding between 10 and 10k BTCs accumulated 79,244 coins in the past week. Consequently, the cohort now holds a cumulative 13.57 million Bitcoin.
As Coinpedia has reported in the past, Strategy has led more companies to adopt Bitcoin as a treasury management tool in the recent past. For instance, Reitar Logtech plans to raise $1.5 Billion to acquire BTC for its corporate treasury.
Bitcoin price has favored bullish sentiment in the past few weeks following the positive developments of the tariffs negotiations led by the United States. With gold price signaling a potential rally towards a new all-time high, Bitcoin price is well positioned to follow in tandem ahead.
From a technical analysis standpoint, BTC price is on the cusp of a major parabolic rally in the coming weeks, possibly akin to the 2017 summer. According to crypto analyst Gert van Lagen, Bitcoin price is en route to reaching $320k in the near future, especially after last month’s bullish confirmation.
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