Bitcoin Holds Firm Near Record Highs as Summer Trading Stays Buoyant
Bitcoin notched its highest-ever weekly close near $110,000 on Sunday, shrugging off potential turbulence from shifting macroeconomic winds, including the sudden movement of $8 billion from dormant whale wallets, renewed tariff concerns, and thinner holiday trading volumes.
By Tuesday, BTC hovered just below $108,000 after briefly dipping during Monday night’s session. Across the broader crypto market, profit-taking emerged: Solana (SOL) fell 2.3% to $149, dogecoin (DOGE) slipped 4.1%, while ether (ETH) steadied near $2,530 and XRP maintained levels around $2.26.
Global Markets Find Balance
In traditional markets, Asian equities wavered but avoided significant losses after former President Donald Trump signaled readiness to resume trade talks, delaying potential new tariffs until at least August 1. The MSCI Asia-Pacific index remained flat, even as Korea and Japan grappled with the threat of fresh levies. Meanwhile, the yen softened, the Korean won rallied, and the euro advanced on optimism for a possible European Union agreement.
“Markets are hovering around record highs again,” noted Augustine Fan, Head of Insights at SignalPlus.
Fan said optimism is building ahead of the corporate earnings season:
“Earnings season kicks off this week, and sentiment is being driven by the hope that CEOs guide positively, especially after being blindsided last quarter by sudden tariff headlines.”
Crypto continues to mirror moves in equity markets, with the bitcoin-S&P 500 correlation sitting near recent highs. Fan cautioned that, absent significant volatility, traders might face “a hot but quiet summer,” though thin liquidity means unexpected breakouts remain possible.
Analysts Eye Further Upside
Despite near-term selling pressure, some analysts remain bullish on bitcoin’s prospects.
“Bitcoin is well-positioned to break its previous high in July, with upside potential toward $120,000 by month-end,” said Ryan Lee, chief analyst at Bitget Research, in comments to CoinDesk.
Lee cited steady institutional demand and ongoing inflows into bitcoin ETFs as key pillars supporting the rally.
He also highlighted an improving outlook for ether:
“Ethereum is also gaining strength, supported by sustained whale accumulation and renewed optimism under a crypto-friendly U.S. administration. ETH could test $3,000 by the end of July, though market volatility remains a factor.”
Lee added that a possible Federal Reserve rate cut in September could provide an additional boost to crypto markets later in the year.
