Bitcoin is down slightly today (~–1.4%), trading between $117,500 and $119,700.
But on the weekly timeframe, BTC remains in an uptrend, gaining around +1% to +1.2% overall.
Why is this happening?
1. Strong institutional demand & ETF inflows
Billions have flowed into Bitcoin through spot ETFs — with $14.8B in inflows during July alone.
This drove BTC to a recent high of $123,000, before facing a slight pullback.
2. Consolidation / Profit-taking phase
After reaching new highs, traders began taking profits, causing BTC to enter a sideways/consolidation phase.
Meanwhile, capital is rotating into altcoins like Ethereum and XRP.
3. Short-term vs Long-term technicals
On the 4H chart: Short-term indicators show some selling pressure (falling MAs, neutral RSI).
On daily and weekly charts: The broader trend remains bullish, with long-term MAs still rising.
4. Macro sentiment & economic environment
Recent US–EU trade deals have improved investor sentiment and boosted risk appetite.
However, some analysts warn of overheated markets and the risk of a potential bubble after the rapid run-up.
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