Bitcoin Crosses Above US$109K Again – Solid Momentum or Just Another Tease?

Bitcoin has reclaimed ground above US$109,000 (before falling back in US$108k territory this morning), buoyed by yet another large-scale buy from MicroStrategy (now rebranded simply as "Strategy"). Are we seeing genuine momentum… or just a pause before another pullback?

Strategy added more BTC to its already staggering holdings this week, nudging closer to 600,000 coins. That’s now over 2.8% of all Bitcoin in existence, an eye watering amount that signals deep conviction from one of Bitcoin’s most vocal institutional backers.

Other listed companies like Tesla and Coinbase continue to hold their positions but haven’t shown the same appetite for accumulation. Despite this, the institutional signal is clear: key players are leaning in, even as price struggles to break convincingly above the psychological US$110K barrier.

One key metric worth watching is the Premium Index, which tracks the price difference between US based exchanges and global exchanges. When the index is positive, it suggests stronger demand from institutional and regulated US investors.

At the moment, that premium is hovering in the 0.03–0.06 range, which is not overly aggressive, but consistent. In past cycles, sustained periods of US premium often came before price breakouts… but only when retail buyers joined the party. So far, retail participation seems cautious.

Another piece of the puzzle is the funding rate, which is the fee paid by leveraged traders to hold positions. Right now, it’s mildly positive, which means more traders are betting long than short.

But we’re not seeing the kind of funding spikes that typically accompany explosive breakouts. This suggests the market is leaning bullish, but with the handbrake half-on, no one wants to overcommit just yet.

Technically, Bitcoin is wedged inside a symmetrical triangle pattern, with key resistance sitting around US$110,500 and support just under US$108,700. It’s a classic squeeze zone and we’re now waiting to see which side breaks first.

If BTC pushes past US$110.5K with volume, we could see a quick move toward new highs. But if buying dries up, a drop toward US$106K or even US$103K remains very possible.

There’s also a build-up of liquidity sitting between US$110K and US$111.5K, suggesting that if bulls can clear resistance, there’s room to run. But equally, if the market senses weakness, that same zone could turn into a ceiling.

So, what’s the verdict? Institutions are buying. US demand is holding. But the broader market (retail, derivatives, and exchange flows) is still a little unsure.

If this rally is to continue, it’ll need more than Strategy’s balance sheet. It needs broad-based conviction. Otherwise, we could be looking at another sugar rush - or worse, a classic dead cat bounce before the next correction.