Bitcoin has held the critical $108,000 support level for a third consecutive week, with on-chain data confirming long-term holders are accumulating rather than distributing. Canadian Bitcoin ETF inflows hit a record $240 million in June, and institutional demand shows no sign of cooling heading into Q3.
The $108K Support Floor
On-chain analytics show the $108,000 level has become a significant cost basis for a large cohort of recent buyers. Three consecutive weekly closes above this level, combined with declining exchange reserves, suggest holders are moving coins to cold storage rather than preparing to sell.
Canadian ETF Inflows Hit Record
The Purpose Bitcoin ETF (BTCC) and Fidelity Advantage Bitcoin ETF recorded a combined $240 million in net inflows during June, the highest monthly figure since launch. This institutional demand from Canadian investors is providing a consistent bid at current levels.
Path to $120K
Technical analysis points to the $115,000–$118,000 range as the next significant resistance cluster, representing the measured move target from the $95K–$108K consolidation base. A weekly close above $118K would open the path to the $120K psychological target.
Key risks include a sudden reversal in macro sentiment, regulatory developments from the OSC’s ongoing crypto framework review, or a broader risk-off move driven by U.S. rate policy.