Bitcoin has made history once again, recording its highest-ever weekly close at $109,200, signaling continued strength in the current bull cycle despite recent market fluctuations. As of now, Bitcoin is trading around $109,428, moving sideways within key price zones. Analysts believe the next critical move could come if BTC breaks above the $112,000 resistance, which could open the door to new record highs as the market enters price discovery mode.
Market Momentum Remains Strong
Over the past few months, some experts have warned of a potential downturn in the crypto market. However, Bitcoin charts have consistently shown resilience. Key support levels have held firm, large institutional investors have continued accumulating, and overall market liquidity has improved steadily.
Recent price indicators suggest Bitcoin still has room to grow. Although an immediate surge is unlikely, market watchers expect a gradual climb supported by corrections and consolidation phases.
Key Levels to Watch for Bitcoin
Resistance: $110,000 to $112,000
Support: $103,000 to $105,500
Staying above the $103,000 support range keeps the bull market momentum healthy. A successful breakout above $112,000 could kick off Bitcoin’s next major rally.
What Could Drive the Next Move?
The timing of this record weekly close is significant. Starting July 14, the U.S. Congress will host Crypto Week, where lawmakers are expected to discuss new regulations and crypto market rules. Many industry observers believe clearer rules could help attract institutional investment and provide fresh momentum for Bitcoin.
Market analysts are currently predicting a possible rally in late July, followed by a correction in August, and another upward move in September or October. Overall, the sentiment remains positive as Bitcoin continues to post historic price levels.
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