Bitcoin continues to capture headlines as it carves out new all-time highs, fueled by strong technical momentum and growing market confidence. With price action decisively breaking above key levels, the bullish trend shows no signs of slowing. Traders are now watching closely as BTC enters price discovery mode, eyeing the next major resistance zones while keeping an eye on potential retracement levels. Meanwhile, regulatory developments and industry-wide optimism are adding further fuel to the rally, setting the stage for a pivotal week in the digital asset space.
Overview
Bitcoin continues to capture headlines as it carves out new all-time highs, fueled by strong technical momentum and growing market confidence. With price action decisively breaking above key levels, the bullish trend shows no signs of slowing. Traders are now watching closely as BTC enters price discovery mode, eyeing the next major resistance zones while keeping an eye on potential retracement levels. Meanwhile, regulatory developments and industry-wide optimism are adding further fuel to the rally, setting the stage for a pivotal week in the digital asset space.
Key Economic Events
Tuesday 15:30 (GMT+3) - Canada: CPI m/m (CAD)
Tuesday 15:30 (GMT+3) - USA: CPI m/m (USD)
Wednesday 09:00 am (GMT+3) - UK: CPI y/y (GBP)
Wednesday 15:30 (GMT+3) - USA: PPI m/m (USD)
Thursday 04:30 am (GMT3) - Australia: Employment Change (AUD)
Thursday 15:30 (GMT+3) - USA: Retail Sales m/m (USD)
Thursday 15:30 (GMT+3) - USA: Unemployment Claims (USD)
Technical Analysis
BTCUSD has decisively breached its previous all-time high of $111,867.95 (recorded on May 22), extending its upward trajectory amid a confluence of technical and macroeconomic drivers. Renewed institutional engagement and emerging regulatory clarity surrounding digital assets continue to underpin the bullish momentum.
From a technical perspective, BTCUSD has entered uncharted territory, with price action remaining well-supported above both the 20- and 50-period Exponential Moving Averages (EMAs)—a signal of sustained upward bias. The recent emergence of a "Golden Cross" via the double EMA crossover further validates the prevailing bullish structure.
Momentum readings reinforce the optimistic outlook. The Momentum Oscillator is holding above the 100 level, suggesting strong trend continuation. Meanwhile, the Relative Strength Index (RSI) has broken above the 70 threshold, indicating heightened buying pressure and potentially extended upside in the short term.
Potential Upside Targets
If buyers maintain control of the market, traders may shift their focus to the following four potential resistance levels:
125,956.48: The first level of resistance is determined at $125,956.48, which reflects the weekly resistance, R2, calculated using the standard Pivot Points methodology.
134,238.87: The second resistance level is observed at $134,238.87, which aligns with the 261.8% Fibonacci Extension drawn from 111,867.95 to 98,041.67.
148,065.15: The third price objective is projected at $148,065.15.
156,609.79: An additional price objective is projected at $156,609.79 representing the 423.6% Fiboancci Extension drawn from 111,867.95 to 98,041.67.
Potential Downside Targets
If sellers take control of the market, traders may focus on the following four key support levels:
111,867.95: The initial support level is estimated at $111,867.95, representing the all-time high reached on May 22.
102,991.10: The second support level is determined at $102,991.10, aligning with the weekly support, S2, estimated using the standard Pivot Point methodology.
98,041.67: The third support level is established at $98,041.67, reflecting the trough from June 22.
93,247.98: An additional downside target is noted at $93,247.98, representing the daily low marked on May 6.
Fundamentals
As Crypto Week kicks off on July 14, U.S. lawmakers are set to deliberate three key bills that could significantly influence the future of digital assets. The CLARITY Act seeks to clarify the regulatory roles of the SEC and CFTC, offering exemptions for certain crypto offerings and defining mature blockchain networks. Supporters hail it as a step toward transparency, while critics argue it could weaken consumer protections and sidestep SEC oversight.
The GENIUS Act is a bipartisan effort to regulate stablecoins. It outlines strict issuance standards and reserve requirements, aiming to strengthen trust in digital currency systems. Having already passed the Senate, market sentiment strongly favors its approval this year.
The Anti-CBDC Surveillance State Act aims to prevent the Federal Reserve from launching a central bank digital currency, citing privacy risks. A related congressional hearing set for July 16 may touch on tax implications and broader policy concerns.
While the bills enjoy considerable support across party lines and among industry players, swift passage is uncertain given the legislative complexity and economic stakes. Still, the attention on Crypto Week signals growing momentum behind comprehensive crypto policy in Washington.
Conclusion
Bitcoin's breakout to new highs continues to reflect a strong convergence of technical momentum and improving fundamental conditions. With institutional interest rising and policymakers actively shaping the regulatory framework, the digital asset space is entering a defining phase. Traders are now navigating price discovery against a backdrop of anticipated economic data and legislative developments that could influence broader market sentiment. As Crypto Week unfolds, all eyes remain on BTC and Washington—two forces steering the next chapter of crypto's evolution.