Bitcoin surged to a high of $107,760 at the time of writing on June 9, 2025, gaining over 3% on the week and sparking bullish excitement across markets.
This sharp move came amid a significant increase in open interest and trading volume, particularly in the perpetual futures market.
According to market watcher DaanCrypto, the rally was driven by a “big perp push” aimed at squeezing out short positions near last week’s highs. While this upward momentum is technically encouraging, he cautioned that quick spikes in open interest should be approached carefully. A reset of leverage would offer a cleaner signal for continuation.
Technical charts reinforce the $106,500–$107,000 zone as a key barrier. Analyst Michaël van de Poppe emphasized that this level served as strong support during the previous all-time high and now acts as resistance. A confirmed breakout above this zone, he notes, would likely trigger a strong uptrend and push Bitcoin to new highs.
Meanwhile, CoinMarketCap data shows BTC volume jumped by over 26% in the past 24 hours, with the total market cap nearing $2.14 trillion.
The breakout coincides with bullish RSI conditions and renewed confidence in crypto markets after a volatile week. However, analysts agree that sustainable strength depends on consolidation above $107K and a possible flush of excessive leverage before upside targets can be seriously considered.
