Recent events in the cryptocurrency space confirm the growing interest in Bitcoin. The latest all-time high at $123,218 creates a base for further growth.
Bitcoin Hits New All-Time High
On July 14, Bitcoin reached a peak at $123,218. However, shortly after, the price slipped lower, hovering just above $118,000. As of now, Bitcoin is testing the support level at the 78.6% Fibonacci retracement, which is at $112,794. Indicators on the BTC/USDT price chart suggest that further gains may be likely—RSI shows a reading of 68 with an upward trend, and MACD displays green histogram bars above the neutral line.
BTC Eyes Rally to $150K
Bitcoin's recent gains amid expected interest from both institutional and retail traders create prerequisites for a likely rise above $150,000. At the time of writing, Bitcoin's price has dropped to $114,000, and bulls are defending support levels. A breakout of key resistance levels could pave the way for price achievements ranging from $136,467 to $153,320.
Trump’s Crypto Week
U.S. President Donald Trump kicked off the crypto week with an announcement regarding a potential vote in Congress on legislation that could make America a leader in digital assets. Trump remarked that he would work with Congress to advance further legislative initiatives. Despite some delays with stablecoin legislation, market reaction suggests a growing interest in cryptocurrency regulation.
The price dynamics of Bitcoin and growing interest from players at various levels signal that the cryptocurrency market continues to evolve. It is important to monitor further developments and market reactions to potential legislative initiatives.
