🚀 Bitcoin Breaks US$109,200: Elon Musk Causes a Stir Again!

Bitcoin recorded its highest weekly close in history at US$109,200, after Elon Musk announced plans to form a new party, the America Party. In his statement, Musk hinted at fiat currency that "can no longer be relied upon," and declared his support for Bitcoin as the future of finance.

The effect? The market went hot immediately! 🔥

Bitcoin trading volume increased by 28% to US$38 billion

Open interest in futures rose by 4% to US$75 billion

Investors & speculators are becoming more aggressive

From a technical perspective, Bitcoin looks very bullish:

Prices remain above the 30-day SMA and the 200-day EMA

MACD shows positive momentum

RSI at 57.99: still room towards the overbought zone

Strong Fibonacci support at US$107,664

Not just Musk, good news also comes from Washington. Three cryptocurrency bills will start being discussed on July 14, while The Fed is expected to cut interest rates. This combination makes investors bolder in entering risky assets!

However, to start a new rally, Bitcoin must break through US$112,000. As long as it hasn't surpassed this level, sideways movement may continue.

💬 Do you think Bitcoin is ready to set a new record this month?

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$BTC