Bitcoin Steady Near $107K After U.S. Spending Boost

Bitcoin(BTCUSD)

Fundamental Analysis

Bitcoin remains steady around the $107,000 level after the U.S. Senate passed a record $4.5 trillion spending package. This political move helped BTC recover from a low of $106,344 to over $107,800. Although the bill didn’t include specific crypto-related content, it had a positive ripple effect on market sentiment. However, caution still prevails, with over $219 million in positions liquidated—$60 million from BTC alone.

While price briefly retested the $109,700 mark—near its all-time high—derivatives data and ETF flows suggest that buying pressure remains fragile.
 
Technical Analysis

Price is showing a recovery trend after a corrective move down to the support zone at 105,281.The current structure suggests BTC may be forming a Higher Low – Higher High pattern, though it has yet to clearly break the key resistance level at 109,818.
 
The recent bullish candle was accompanied by high volume, but confirmation is still needed to determine whether this is a true or false breakout of the $109,818 level.
 
If volume remains strong as price breaks above 109,818, there is a high probability of a move toward the 112,000 zone.

 

 

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