Bitcoin retests US$105k zone as buyers step in

Key market insights

• Bitcoin is holding strong above the US$100K mark: currently trading in a tight range between US$104K and US$105K amid bullish momentum.
• Total ETF inflows have exceeded US$40 billion: Goldman Sachs emerging as the largest holder in BlackRock’s Bitcoin ETF to date.
• Geopolitical developments are lifting sentiment: including Taiwan’s investment interest, and warming US-China diplomatic discussions.
• Bitcoin miners have reduced selling activity: easing downward pressure on the market and contributing to a more supportive supply-demand balance.
• Leverage is building across crypto markets: heightening the risk of near-term volatility as traders crowd into positions between US$100k and US$110k.

The weekly trading stats as of Monday, May 12th at 10:00 am AEST, based on data from Tradingview in USD.

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Bitcoin pushes past US$100k with ETF fuel, quiet miners and global momentum supporting price

Bitcoin isn’t just flirting with six figures, it’s settling in. At the time of writing, the price is holding steady in the US$104Krange, having confidently cleared the psychological milestone of US$100k on Thursday. The move was driven by a mix of ETF demand, cooling miner sell pressure, and some surprisingly constructive geopolitical signals. But with leverage building up in the US$100k–$110k zone, the next leg higher might not be as straightforward.

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Bitcoin ETFs: Institutional inflows still going strong

BlackRock’s $IBIT fund has now recorded 19 consecutive days of inflows, underscoring consistent demand from institutional investors. Lifetime inflows across all spot Bitcoin ETFs have now topped US$40 billion, a significant marker in the maturation of crypto as a mainstream asset class. Goldman Sachs has emerged as the largest holder of $IBIT, allocating over US$1.4 billion. This isn’t a cautious trial run, this is a strategic reweighting of portfolios. TradFi isn’t just circling the crypto waters anymore, it’s diving in headfirst.

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Geopolitics and global interest add tailwinds

Beyond market mechanics, macro sentiment is also working in Bitcoin’s favour. US–China trade talks have allegedly taken a constructive turn, contributing to a broader risk-on mood. Taiwan is reportedly exploring a US$2.5 billion BTC investment. While it’s unlikely that central banks will be stacking sats any time soon, the presence of Bitcoin in these conversations reflects how far the asset has come, from fringe to mainstream geopolitical talking point.

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Miners quiet down, letting price action breathe

Another factor supporting the recent rally, miner selling has noticeably slowed. With many operators having weathered the post-halving period and optimised for lower output, sell pressure has eased, allowing spot markets to find new equilibrium at higher price levels. This reduction in selling, combined with strong demand from ETF inflows, is helping establish firmer support above US$100k.

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Watch the leverage: market froth building

While the sentiment is bullish, there’s a word of caution, open interest and leverage are climbing, especially in the US$100k to $110k range. This has historically been a zone where sudden liquidations and volatility can emerge. For some traders, caution is becoming the contrarian position, a reminder that even in bullish environments, disciplined risk management remains essential.

Looking ahead

As Bitcoin consolidates above US$100k, traders should keep a close eye on upcoming macroeconomic data that could influence risk appetite across all asset classes. The key event on the horizon is the US inflation rate release this Tuesday, which may offer clues about the Federal Reserve’s next move on interest rates.

A softer-than-expected print could strengthen the bullish case for Bitcoin by reinforcing the prospect of rate cuts, while a surprise to the upside may lead to a broader market pullback, particularly in risk assets like crypto, which have been sensitive to monetary policy signals.

In the short term, Bitcoin’s price action between US$102k–US$106k will likely remain choppy, with leverage levels continuing to act as both a tailwind and a potential volatility trigger. Traders should prepare for sharp moves in either direction as economic data hits and the market recalibrates.

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