Bitcoin Futures Near Bull Flag Target as Bulls Eye 134,000
Bitcoin futures surged to new highs, nearing a key bull flag target. With Wall Street buoyant and crypto sentiment firm, bulls could push towards 134,000.
Share this:
Bitcoin futures came within a cat’s whisker of the bullish flag target I outlined back in Q4 last year, with the recent record high briefly trading above $124,800 on July 14. That’s close enough for a cigar moment in my books. With sentiment on Wall Street buoyant, trade tensions seemingly behind us, and a Trump administration finally turning its attention to crypto land, further upside for Bitcoin remains the core theme.
View related analysis:
View related analysis:
Bitcoin Futures Technical Outlook: Bull Flag Support Holds as Bulls Target 134,000
The daily chart shows a strong uptrend since the breakout in late April, with the cumulative volume delta (CVD) broadly confirming the move higher—indicating that buyers have remained the dominant force during the rally.
However, CVD has slipped in recent sessions while prices remain elevated, suggesting waning support in the near term. Traders may want to stay alert for a potential shakeout at current levels. That said, given the strength of the daily trend, bulls are likely to welcome any dips towards support as opportunities to re-enter in anticipation of a break to new highs.
• The January and 2024 highs around 115,000 could offer support for a shallow swing low—potentially forming a bull flag on the daily chart.
• A bull flag breakout from this pattern projects a potential target around 134,000, assuming prices hold above 115,000.
• A break below 115,000 shifts focus to the high-volume node (HVN) at 106,610, which could still offer a favourable area for bulls to rejoin the broader trend.
Chart analysis by Matt Simpson - Source: TradingView Bitcoin CME Futures (BTC1!)
Bitcoin Futures Leveraged Exposure – COT Report
Net-short exposure among leveraged traders reached a record high in December while Bitcoin prices were also at record levels—strongly implying that these traders were acting as hedgers. The decline in net-short exposure throughout 2025, even as prices continued to rise, suggests reduced hedging activity among leveraged participants.
Additionally, the rise in gross long positions since the April low—outpacing gross shorts—implies that leveraged traders may be shifting toward a more speculative, bullish stance rather than simply managing downside risk.
Chart analysis by Matt Simpson - Source: CME, LSEG
-- Written by Matt Simpson
Follow Matt on Twitter @cLeverEdge
How to trade with City Index
You can trade with City Index by following these four easy steps:
- Open an account, or log in if you’re already a customer
• Open an account in the UK
• Open an account in Australia
• Open an account in Singapore
- Search for the market you want to trade in our award-winning platform
- Choose your position and size, and your stop and limit levels
- Place the trade
Related tags:
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Bitcoin Forecast: BTC/USD Bounces off $80K, 9-Month Highs In Play?
Despite apparent fundamental headwinds, Bitcoin’s price has held up relatively well, bouncing sharply off $80K support - where could it head next?
Bitcoin Analysis: Caution Keeps BTC Below $85K
Despite Bitcoin's attempt to regain ground during the latest trading session, posting gains of more than 1.6%, the move has yet to signal a meaningful recovery in demand. The main reason is that, over recent weeks, price action has continued to develop within a broader phase of indecision, preventing BTC from reclaiming the key psychological barrier around $85,000 in a convincing manner.
BTC/USD: Dead-cat bounce or the start of another recovery?
Bitcoin has bounced aggressively after another test of its 50-day moving average, but tech futures remain under pressure. With equity correlations strengthening and bearish momentum building, can BTC/USD sustain the recovery?
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.