The post Bitcoin (BTC) Price Prediction: Bitcoin Eyes $110K Breakout as Whales Accumulate and Elon Musk Sparks FOMO appeared on BitcoinEthereumNews.com.

Bitcoin price surged today, riding a fresh wave of bullish momentum fueled by high-profile endorsements, major corporate buys, and tight technical patterns that hint at a potential breakout. With Bitcoin price today hovering around $108,900, traders are eyeing the psychological $110K resistance, driven by whale activity and Elon Musk’s renewed support for the leading cryptocurrency. Market Overview: Bitcoin Technical Analysis Shows Coiled Setup Bitcoin remains locked within a compressing price range, bouncing between support at $107,000 and resistance near $110,500. The structure shows bullish tendencies, with price action consistently forming higher lows. Momentum indicators remain neutral, offering room for upside. Bitcoin (BTCUSD) is consolidating near its recent all-time high, maintaining a strong long-term uptrend within a rising channel targeting a new higher high. Source: TradingShot on TradingView The Relative Strength Index (RSI) sits near 52, suggesting balanced sentiment, while the MACD holds in mildly positive territory. Notably, Bollinger Bands have narrowed sharply, pointing to an impending volatility expansion — typically a precursor to sharp directional moves. Meanwhile, the 50-SMA around $108,146 and ascending trendline from late June continue to offer dynamic support, keeping the bullish structure intact. A 4-hour candle close above $109,250 could act as a breakout trigger, validating buyer strength. Trend Catalyst: Whale Accumulation and Elon Musk’s Bitcoin Endorsement The bullish narrative received a fresh boost after Elon Musk publicly praised Bitcoin on social platform X, calling fiat money “hopeless” and positioning Bitcoin as central to the America Party’s fiscal vision ahead of the 2026 midterm elections. While some dismissed the remarks as symbolic, Musk’s influence in both politics and crypto markets remains substantial. Elon Musk confirmed that the America Party will embrace Bitcoin, stating that “fiat is hopeless.” Source: X “SpaceX and Tesla already hold over 19,800 BTC, valued at more than $2.1 billion,” a recent report…

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Filed under: News - @ July 8, 2025 4:28 pm