Despite the resumption of tariff negotiations, Bitcoin's price remains above $108,000.
A new week has begun, and tariff negotiations have resumed. On Monday, President Trump announced that the U.S. would impose a 25% tariff on South Korea and Japan starting August 1.
The president also announced a 25% tax on Kazakhstan and Malaysia, a 30% tax on South Africa, and a 40% tax on Myanmar and Laos.
Furthermore, Trump has threatened to impose additional tariffs on countries that align with BRICS policies. This statement caused Bitcoin's price to briefly fall below $108,000, but the leading cryptocurrency subsequently rebounded and may rise soon.
Bitcoin's resilience can be attributed to the growing institutional demand. On Monday, Japanese company Metaplanet increased its holdings by over 2,000 Bitcoins, valued at $239 million.
Additionally, the latest data from SoSoValue shows that over $769 million flowed into the spot Bitcoin exchange-traded fund (ETF) listed in the U.S. last week. This data indicates that institutional demand for Bitcoin continues to grow, which could act as a catalyst for a price surge in the medium to long term.
Bitcoin price prediction; technical strength suggests new highs will be set.
The BTC/USD 4-hour chart remains bullish, with buyers still in control. This currency pair is also performing well, indicating that downward liquidity has been absorbed, and Bitcoin may be preparing for a new round of increases.
As of the time of writing, Bitcoin is trading at $108,040, down less than 1% in the past 24 hours. The relative strength index (RSI) is at 52, indicating that Bitcoin may soon face buying pressure, while the MACD line remains in positive territory.
BTC currently seems to be closely consolidating around $110,000, slightly below the resistance level above.
If Bitcoin decisively breaks through its historical high of $111,000 in the short term, its target price could reach $120,000, setting a new record.
Analysts still expect Bitcoin to reach $150,000 during this cycle, and this target could be achieved if BTC breaks through and reaches $120,000.
However, if it fails to break through this consolidation area, Bitcoin may retest the support and trading liquidity (TLQ) level of $105,328. This level could become a springboard for further increases in Bitcoin.
However, if the bulls fail to capitalize on this, BTC may drop to the next major support level of $98,000.
Bitcoin's short-term performance depends on institutional demand for this cryptocurrency. Additionally, the resumption of tariff negotiations may significantly impact the overall performance of the cryptocurrency market in the coming weeks.