Bitcoin Closes at New Daily High Near $107K, Eyes Next Resistance at $110K
Bitcoin reached a fresh record for its daily closing price on Tuesday, finishing the day at $106,830 UTC—the highest close ever recorded according to TradingView. Market watchers now have their sights set on the $110,000 level, which could prove pivotal for the next leg of BTC’s price action.
Unlike traditional assets, Bitcoin trades nonstop, but daily candle closes remain key markers for traders assessing momentum. The latest surge was driven by strong inflows into spot Bitcoin ETFs amid widespread volatility in bond markets, where concerns over national debt levels, especially in the U.S., have unsettled investors.
Analysts recently told CoinDesk that growing fiscal pressures may ultimately boost Bitcoin’s appeal as a hedge, similar to gold and other stores of value.
Supporting this bullish sentiment, the Coinbase Bitcoin Premium Index—which tracks the price difference between Coinbase Pro and Binance’s USDT pair—remains elevated, signaling sustained buying interest from U.S.-based traders.
Deribit options data highlighted by Amberdata points to significant “negative gamma” exposure clustered at the $110,000 strike. Market makers holding negative gamma often hedge in line with price moves, which tends to intensify both upward rallies and downward corrections.
This dynamic means a decisive break above $110,000 could trigger accelerated momentum, with options market hedging likely amplifying volatility, as has been seen in prior Bitcoin price surges fueled by derivatives activity.
