Bitcoin Maintains $108K Support Ahead of Powell’s Comments and Macro Reports—Is $120,000 BTC Next?

• Bitcoin is currently trading at over $108,000 and could be eyeing a wider $112,000 should the support hold.
• Whales are transferring BTC to the exchanges with rising volatility levels in anticipation of macroeconomic events.

Bitcoin hovered above $108,000 on Monday, maintaining its weekly gains as investors anticipated policy signals from the European Central Bank (ECB) Forum and remarks by Federal Reserve Chair Jerome Powell. Last week, the cryptocurrency rose 7.32% higher and closed solidly above the important resistance.

As of the time of writing, Bitcoin was trading at $107,585, a slight decrease of 0.11% in the last 24 hours. The daily chart shows consolidation at the top end, as the bulls seek to propel to the May 22 top at $111,980. A successful breakout might initiate a long upswing toward the target of $120,000.

Technical signs are bullish. The Relative Strength Index (RSI) currently stands at 56.47, indicating a moderate bullish trend. Meanwhile, its Moving Average Convergence Divergence (MACD) is rising with a positive crossover, with the histogram turning green- it might indicate a newfound upward pressure.

Whale Moves Suggest Incoming Volatility

The on-chain activity indicates increasing volatility. Axel Adler Jr. has stated that whales moved a large volume of BTC to centralized exchanges. This action, along with the decline of exchange reserves and stablecoin flows, is often ahead of significant price changes.

Adler reiterated that since the price of Bitcoin holds its value above the $108,000 mark, the bullish case remains unbroken. He noted, “As long as Bitcoin holds $108,000, the base scenario is upward movement with targets at $112,000.”  The exchange flows monitored by CryptoQuant indicate that long-term investors have taken a defensive position, while short-term traders are repositioning ahead of macroeconomic events.

Its continued repositioning comes after a turbulent quarter of Bitcoin, which had fallen to under $100,000 during peak geopolitical anxiety between Iran and Israel. However, the prices are now steady enough, having retraced the majority of the recent decline.

Volatility Bets Rise on gTrade as Traders Eye Sintra Forum

In derivatives markets, traders are starting to sell volatility at higher prices. Compared to overall trading over the weekend on gTrade, Volmex Finance founder Cole Kennelly noted over $806,000 in trading volume for synthetic Ethereum and Bitcoin volatility index perpetuals. The rally is an indication of directional appetite before the central bank commentary.

$806,106 worth of BVIV and EVIV Index perpetuals traded on gTrade in the last four days.

Accelerating.https://t.co/ifl2gb6lXEhttps://t.co/zXzPD26gwz https://t.co/8hq0tq9tSO pic.twitter.com/akmEwhklVx

— Cole Kennelly (@ColeGotTweets) June 29, 2025

Powell is scheduled to speak on Tuesday at an annual ECB meeting in Sintra. He is likely to continue this cautious approach to interest rates until it is clearer in the direction, and whether the labor market can withstand the economic conditions.

The summit, titled “Adapting to change,” also features ECB President Christine Lagarde and other central bank leaders.

The markets are on edge, awaiting policy cues that may change risk sentiment on equities, crypto, and bonds. According to analysts, remarks by Powell may impact short-term liquidity waves in cryptocurrency markets, particularly when he validates or refutes hypotheses regarding a rate reduction toward the end of 2025.