Bitcoin Briefly Surpassed $110,000

Bitcoin briefly surpassed $110,000 on Wednesday after US President Donald Trump announced his administration and China had closed a trade deal

The price of Bitcoin briefly touched $110,518 on Wednesday as U.S. President Donald Trump announced that his administration had closed a trade deal with China, pending his and Chinese President Xi Jinping's approval.

However, the bulls failed to keep BTC at higher prices after rumors began circulating that Israel was planning to attack Iran without the consent of the American government.

Despite the strong selling pressure, which has seen Bitcoin plummet to $107,173 at press time, several analysts remain bullish on the asset.

Bitwise crypto researchers Ayush Tripathi and Andre Dragosch stated in their latest report that Bitcoin's price could rise to $230,000 by December 2025, driven by improved market sentiment and regulatory changes.

"Our analysis suggests that the probability of Bitcoin reaching prices in the $100,000 to $230,000 range over the next six years is relatively high, considering the historical trends and the evolving regulatory landscape," said Dragosch, the report's co-author and Bitwise's senior portfolio manager.

While Tripathi and Dragosch express optimism over Bitcoin's future price performance, Santiment senior analyst Brian Quinlivan says the coin is unlikely to cross above the all-time high of $111,591 anytime soon, arguing that overbought levels have been achieved.

"We're getting to levels where the market may need to digest some gains at lower prices. We're at extreme levels of overbought on several indicators, and we haven't seen this type of activity since the 2017 bull market."

Can the bulls prove Quinlivan wrong by pushing Bitcoin above $111,591? If so, which barriers should we monitor keenly? Let's identify them by analyzing the charts.

Bitcoin Price Analysis

BTC is currently facing selling pressure after hitting the $110,518 resistance on June 11th. The good news is that the 20-day Exponential Moving Average of $106,412 hasn't been violated, suggesting that the bears are in control only in the short term.

If Bitcoin reaches $106,412 and the bulls mount pressure, a surge to $111,591 could happen. Additionally, increased buying at the all-time high could enable the number one digital coin by market cap to head toward $120,000 and later to $146,800. Alternatively, a dip below $106,412 could mean that the bulls have given up on guarding higher levels. As such, the 50-day Simple Moving Average of $102,698 is likely to be the next target for the bears.

According to the chart, the price of Bitcoin could drop to as low as $94,087 if the bears manage to break the 50-day Simple Moving Average.

On the other hand, if the bulls manage to keep the price of Bitcoin above the 20-day Exponential Moving Average, the next resistance level to watch out for is $118,000.

If the bulls succeed in pushing the price of Bitcoin above the $118,000 resistance level, the next resistance level to watch out for is $146,800.

If the bulls manage to break through the $146,800 resistance level, then the next logical price target for Bitcoin would be $178,000.

Finally, if the bulls manage to break through the $178,000 resistance level, then the price of Bitcoin could continue to rise and reach the final resistance level at $230,000.

However, it is important to note that these are just price targets and there is no guarantee that the price of Bitcoin will reach any of them. The actual price of Bitcoin will be determined by the market forces of supply and demand.

According to Bitwise, the price of Bitcoin could rise to as high as $230,000 by December 2025, as stated in a new report by the firm's crypto researchers Ayush Tripathi and Andre Dragosch.

The report, which is titled "Cryptocurrencies: A New Paradigm in Investing," also noted that the price of Bitcoin could fall to as low as $94,087 if the bears manage to break the 50-day Simple Moving Average.

Tripathi and Dragosch also discussed the regulatory and macroeconomic factors that could affect the price of Bitcoin. They noted that the U.S. government's approval of several spot Bitcoin ETFs would be a "pivotal moment" for the cryptocurrency market.

"The approval of a