The price of Bitcoin has increased by 3.5% in the last 24 hours to reach $122,085, driven by regulatory optimism, institutional accumulation, and positive technical momentum.
Organizational Support – The US House of Representatives will vote on cryptocurrency bills next week, boosting market confidence.
Fund Flows
Exchange-Traded Fund (ETF) – Spot Bitcoin funds attract over $16 billion in 2025, reducing supply.
Technical Breakout – The price maintains levels above key moving averages with the Relative Strength Index (RSI) at 75, indicating bullish momentum without being overextended.
Detailed Analysis
1. Main Catalyst: Organizational Momentum in the United States
The US House of Representatives will vote on a bill to structure the Bitcoin and cryptocurrency market during 'Crypto Week', starting on July 14, aiming to clarify regulations for digital commodities (House of Representatives voting schedule). This comes after months of institutional pressure and aligns with Bitcoin's weekly increase of 12.2%. Traders expect that reducing regulatory uncertainty may open the door for further institutional participation.
2. Supporting Factors: Institutional Demand
ETF Dominance: Spot Bitcoin funds in the US now hold 6% of total BTC supply, with BlackRock managing $80 billion in assets through IBIT alone (Bitcoin surpasses Amazon).
Corporate Purchases: DigitalX Ltd. added 109 BTC worth $19.7 million at a price of $118,000 as part of the corporate trend to use BTC as a treasury reserve (DigitalX acquisition).
3. Technical Context: Continuation of the Bullish Structure
The 14-day Relative Strength Index (RSI) at 75.12 indicates strong momentum without being in an overbought condition.
The price is trading above all key moving averages (7-day moving average at $114,000; 30-day moving average at $108,000), confirming the upward trend.
Fibonacci extension levels suggest that the next resistance may be at $125,206 (127.2%) if the bullish momentum continues.
Conclusion
The rise of Bitcoin reflects a convergence of political optimism, institutional accumulation, and technical strength. Despite a potential short-term correction near the $125,000 level, the alignment of macro liquidity trends (M2 growth) and regulatory progress indicates an opportunity for further upward movement.
Will other cryptocurrencies (altcoins) follow Bitcoin's path if 'Crypto Week' legislation is passed?
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