Bitcoin (BTC) price pulled back after soaring to a record high of $107,970

Bitcoin price pulled back after soaring to a record high of $107,970 last week. The BTC/USD pair retreated to below 100,00 as traders

Bitcoin price pulled back after soaring to a record high of $111,971 last week. The BTC/USD pair retreated to below 107,000 as traders started to take profits following a 50 from its lowest point in April this year.

Bitcoin started its sell-off after Donald Trump warned that the US would start levying a 50% tariff on European goods starting from June 1. That announcement led to a sell-off of high-risk assets, including stocks.

Still, Bitcoin has some of the best fundamentals in the financial market. First, it will benefit as the global M2 money supplies continue rising. Historically, Bitcoin moves in the same direction as the global money supply.

Second, it will also benefit from the Big Beautiful Bill that was passed by the House of Representatives last week. That bill, if passed by the Senate and passed into law, will lead to higher debt in the United States. Bitcoin is often seen as a hedge against macro risks, with the fiscal situation of the US being the biggest one.

Third, Bitcoin is still having more demand from Wall Street investors. Data shows that spot Bitcoin ETFs had over $2.9 billion in inflows last week, bringing the total assets in the industry to over $128 billion.

Bitcoin’s demand is soaring as more data showed that supply on exchanges continues to drop. As such, falling exchange supply and rising demand will likely lead to a higher prices in the long term.

The next top catalyst for the BTC/USD pair will be the upcoming Federal Reserve minutes scheduled on Wednesday. Also, the US will publish important macro numbers like consumer confidence, GDP, and personal consumption expenditure.

BTC/USD technical analysis

The daily chart shows that the BTC/USD pair has retreated from a high of 111,970 to below 107,000. It moved below the key support at 109,290, the previous all-time high.

On the positive side, these pullbacks after it hits record highs are common in the crypto market.

Bitcoin remains above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bulls are in control. Therefore, the BTC/USD pair will likely bounce back later this week and possibly retest the all-time high of 111,970.

The BTC/USD pair will have the next key resistance at the 70-day EMA. A break above this level will open the door for a move towards the 200-day EMA.

For traders who prefer to use pivot points, the immediate support is seen at 103,940. A break below this level will cancel the bullish signals and open the door for further declines. The next pivot point support is seen at 97,060.