Bitcoin is experiencing a strong rally, and the market is eagerly watching whether the world’s leading cryptocurrency can break through the $136,000 mark. BTC is currently trading above $122,000, up nearly 4% in the last 24 hours. Over the past week, the price has surged more than 12%, fueled by optimism surrounding the upcoming “Crypto Week 2025” and a pivotal vote in the U.S. House of Representatives on the Clarity Act.
🔹 Open Interest Hits All-Time High
According to data from Coinglass, open interest in Bitcoin has reached an all-time high of $85 billion. This massive influx of capital into BTC futures signals that traders are positioning themselves ahead of a potentially major price move.
A key driver of this momentum is the Clarity Act, which aims to clarify the regulatory responsibilities between the SEC and CFTC. The bill is expected to be debated during Crypto Week 2025 (July 14–18) and, if passed, could boost market confidence by providing clearer legal guidance for crypto assets.
🔹 Inflation Data and Fed Expectations in Focus
This week will also see the release of Consumer Price Index (CPI) and Producer Price Index (PPI) data in the U.S. These indicators could reinforce expectations that the Federal Reserve might cut interest rates soon—another catalyst for Bitcoin’s ongoing rally.
📈 Technical Analysis: $136K in Sight
Bitcoin is currently moving within an ascending trendline that has acted as a key resistance level since early 2024. If BTC can break above the immediate resistance at $124,000, it could pave the way for a new all-time high around $136,000, corresponding to the 123.6% Fibonacci extension.
The Relative Strength Index (RSI) currently stands at 71, indicating the asset is nearing overbought conditions. However, historical RSI data suggests that BTC still has room to grow, as major reversals typically occur only above 80.
🔹 Critical Barrier: $124,000
Analysts have pointed out that Bitcoin must first surpass the crucial $124,000 threshold. Once breached, bullish momentum could accelerate, pushing the price toward $136,000. The BTC/DXY correlation also implies that breaking above $124K could relieve selling pressure and renew buyer dominance.
Summary:
✅ BTC price is climbing toward $136,000
✅ Open interest hits record $85 billion
✅ U.S. lawmakers prepare to vote on key crypto legislation
✅ Technical and fundamental signals remain bullish
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