Bitcoin made history by closing the week at $109,200. This is a strong indication that despite recent ups and downs in the crypto market, the bull market is still strong.
For months, some experts had predicted that the market was heading for a long recession. However, the charts and market signals continued to show strength. The critical support levels were held firmly, large investors continued to buy, and liquidity across the market continued to rise.
What’s going on now?
At the moment, Bitcoin is trading around $109,428. The market has been on the side for the past few days, with Bitcoin bouncing between key price ranges. The price should exceed $112,000 to start a new upward rally. If that happens, Bitcoin can enter price discovery mode where new record highs are possible.
Price indicators still show that there is room for growth, and Bitcoin’s momentum remains positive. The market is unlikely to jump straight to a new high overnight, but is expected to rise steadily, followed by a period of revision and integration.
Important price levels to see
- Resistance: $110,000 to $112,000
- Support: $103,000 to $105,500
As long as Bitcoin is above the support level, the market is in a healthy position. A break of over $112,000 can open the door to the next big gathering.
Why is this important?
This powerful end of each week comes at a critical time. The US Congress is preparing for Crypto Week starting July 14th, when we discuss key cryptography and market rules. These decisions bring new clarity to the crypto market and can attract large amounts of money from investors.
Many expect a rally that could be late July, a dip in August, and another strong move in September or October.