$BTC Bitcoin (BTC) has performed strongly recently, reaching new highs in price. The following is an analysis from aspects such as market trends, technical indicators, and market driving factors:
• Market Trends: On July 10, Bitcoin briefly broke through the historical high of $112,000 during intraday trading but failed to hold and retreated to around $111,000 at the close, showing a 'high and then low' pattern, indicating short-term selling pressure near the new high, and the short-term trend has turned into weak fluctuations.
• Technical Indicators: From the 4-hour chart, the MACD death cross has just emerged, but the histogram volume is decreasing, and the downward momentum is slowing. The daily RSI is at 62, showing no signs of overbought, and there is still upward momentum in the short term.
• Market Driving Factors: On one hand, policy support has provided momentum for the rise in Bitcoin prices. In March of this year, U.S. President Trump signed an executive order to establish a 'National Strategic Cryptocurrency Reserve,' and the Trump Media & Technology Group plans to launch a cryptocurrency exchange-traded fund, intending to invest in Bitcoin and other assets. On the other hand, the widespread participation of institutional investors is an important driving force behind this round of increases. Since the U.S. approved the first batch of spot Bitcoin ETFs in January 2024, related products have attracted over $50 billion in inflows, and in the first two weeks of July 2025, net inflows into ETFs exceeded $1.2 billion. In addition, the Federal Reserve's June meeting minutes released dovish signals, enhancing market risk appetite, and the recent continued weakness of the dollar index has also benefited Bitcoin priced in dollars.
• Support and Resistance Levels: In terms of support levels, the key support is at $107,200 (20-day moving average), followed by the psychological level of $110,000 and $109,400 (previous high resistance level). The resistance levels are $112,000 (historical high) and $114,000 (upper boundary of the rising channel).
• Market Risks: Bitcoin's price is highly volatile and has a strong correlation with stock market performance. Changes in the macroeconomic environment or weakening policy support may put pressure on its price. At the same time, some investors may cash out at high levels, leading to intensified short-term price fluctuations.
The above content is organized based on publicly available information and does not constitute investment advice.
