- Bitcoin surged to a record $111,999 as traders reacted to favorable policy expectations and a strengthened U.S. regulatory outlook.
- BTC dominance rose to 65.38%, nearing a resistance level last seen in 2020, often linked to significant market rallies.
- Technical indicators show a possible correction to $107,000, but sustained bullish momentum could drive prices toward $135,000.
On July 10, Bitcoin reached a new all-time high of $111,999. This significant milestone came as crypto investors turned optimistic due to anticipated interest rate cuts in 2025 and growing regulatory clarity from the U.S. government. These factors contributed to renewed confidence, resulting in a sharp price increase for Bitcoin.
The market capitalization of Bitcoin, as per CoinMarketCap, is at present as high as $2.21 trillion. As the prices rally, Bitcoin’s control over the greater crypto market has reached 65.38%. This mark is correlated with one of the critical resistances in the past observed in December 2020, which, when broken, resulted in additional good performance of the BTC price.
Historical Resistance Nears as Price Momentum Builds
The market capitalization of Bitcoin, as per CoinMarketCap, is at present as high as $2.21 trillion. As the prices rally, Bitcoin’s control over the greater crypto market has reached 65.38%. This mark is correlated with one of the critical resistances in the past observed in December 2020, which, when broken, resulted in additional good performance of the BTC price.
Despite the momentum, Bitcoin is facing resistance at its newly formed high. The price chart indicates a repeated pattern since May, where new highs often lead to corrections. Technical analysis shows that the 61.8% Fibonacci level sits at $106,753, acting as potential support if BTC pulls back from the current level.
Potential Correction or Rally to Continue
The test of the support at around the area of $107,000 might be followed after a rejection at this resistance. But the positive market environment and the events that are currently being held in the crypto sector may change the price to move upwards. In the event of a breach of the resistance, the BTC can further propel to the 261.8% Fibonacci level of $135,000 (which is equivalent to the price of 134,231).
The RSI on the daily chart stands at 62, indicating that although the bullish strength is still active, there are no signs of an overbought scenario. This justifies the prospect of an additional upward trend in the short run.
