Bitcoin suddenly surged to break through 116,000, setting a new high. Last night, the US stock market's rise was not strong, and there were no particularly favorable news, marking a long-awaited independent rally for Bitcoin. Ethereum also broke through 3,000 USD, driving the entire cryptocurrency market upward. Bitcoin's dominance (BTC.D) has fallen back to 64%, indicating that altcoins have finally caught up with Bitcoin's gains, which can be considered a small altcoin season recently.
In fact, Bitcoin has already switched back to an upward trend on the daily chart since yesterday. As long as it does not fall below 105,000 in the short term, this new high can be considered a valid breakthrough. Additionally, if 110,000 USD changes from resistance to support, it will be even more beneficial for the price to continue rising. The market prediction on Polymarket for Bitcoin breaking through 120,000 in July has also risen to 67%, indicating that the market is very optimistic about Bitcoin's continued breakthrough of new highs.
Yesterday, the US announced unemployment numbers, which were lower than expected. The stock market was affected by this data and halted its breakthrough, but this did not prevent market expectations of an upcoming interest rate cut cycle, so the stock market did not show a significant decline, while cryptocurrencies rose across the board. Next week, the US will announce the CPI, which is one of the more important economic data this month, as it directly shows whether Trump's policies over the past six months have affected inflation. Therefore, it is expected that the market will experience greater volatility next week.
"MICA Daily｜Bitcoin breaks through 116,000 USD to set a new high, Polymarket predicts a significantly increased chance of breaking 120,000 in July" was first published on (Blockcast).
