Bitcoin has made history again by recording its highest-ever weekly close at $109,200, signaling resilience in the current bull cycle.
Market Momentum Remains Strong
In recent months, some experts have warned of a potential downturn in the crypto market. However, Bitcoin charts have consistently shown resilience. Key support levels have held firm, large institutional investors have continued accumulating, and overall market liquidity has improved steadily.
Key Levels to Watch for Bitcoin
Currently, Bitcoin is trading within crucial price ranges. * **Resistance:** $110,000 to $112,000 * **Support:** $103,000 to $105,500
Staying above the $103,000 support range keeps the bull market momentum healthy. A successful breakout above $112,000 could kick off Bitcoin’s next major rally.
What Could Drive the Next Move?
The timing of this record weekly close is significant. Starting July 14, the U.S. Congress will host Crypto Week, where lawmakers are expected to discuss new regulations and rules for the crypto market. Many industry observers believe clearer regulations could help attract institutional investment and provide fresh momentum for Bitcoin.
Market analysts are currently predicting a possible rally in late July, followed by a correction in August, and another upward move in September or October. Overall, the sentiment remains positive as Bitcoin continues to post historic price levels.
Bitcoin has set a new weekly closing record, and its resilience in the market combined with expected regulatory changes may serve as a catalyst for further growth.
