Bitcoin (BTC) has continued its bullish momentum into the third week of July after closing the second week with a strong Morubozu candlestick. The flagship coin surged above the previous resistance range of $109k to $111,872 and hit an all-time high of approximately $122,838 during the early European trading session on Monday.
The current pump in the Bitcoin price is driven by high demand in the spot market, coupled with record peaks in futures and derivatives trading. Coinglass data shows that Bitcoin’s Open Interest (OI) has reached a new all-time high of $85 billion, with short traders facing heavy liquidation.
In a surprising turn of events, Vanguard Group Inc., a Pennsylvania-based asset manager with $10 trillion in assets under management, has joined the Bitcoin bandwagon. Despite previously expressing skepticism about Bitcoin and the wider crypto market, Vanguard now owns over 20 million shares, nearly 8 percent of Strategy Inc., one of the top holders of Bitcoin with 601,550 coins.
From a technical analysis perspective, Bitcoin’s bullish sentiment is supported by the weekly Relative Strength Index (RSI) crossing above the 70 level for the first time this year. The weekly MACD indicator also shows an increasing bullish histogram with the MACD line above the zero line.
In the 2-hour timeframe, Bitcoin’s price movement reflects a rising trend with higher highs and higher lows, indicating a potential rally towards $150k. Overall, the current market conditions suggest that a further upside towards $150k is more likely than a drop below $100k in the near future.
As Bitcoin enters the euphoric phase of the 2024/2025 crypto bull market, driven by institutional demand and regulatory clarity, investors are optimistic about the potential for continued growth. With key indicators pointing towards a bullish trend, Bitcoin’s price trajectory remains positive as it navigates through the price discovery phase.