Bitcoin Nears All-Time High as Traders Anticipate Supply Crunch

BTC bulls are back—and this time, they’ve got scarcity on their side. With institutional demand surging and exchange reserves drying up, the stage is set for a classic supply squeeze. Wall Street’s latecomers are now scrambling for exposure, proving once again that crypto moves faster than hedge fund due diligence.

Bitcoin price technical analysis

The daily chart shows Bitcoin consolidating around $104,000 in recent days. Technically, this price action forms part of a bullish pennant pattern, a continuation setup typically seen in strong uptrends. This consolidation is occurring just below resistance at $108,420, which marks the upper boundary of a larger cup and handle formation.

Bitcoin’s rally is also supported by the 50-day and 100-day Exponential Moving Averages, both trending upward. This alignment suggests continued bullish momentum, with the all-time high of $109,300 firmly in sight. A break above that level could pave the way for further gains toward the psychological barrier at $110,000.