Bitcoin (BTC) continues its bullish run, holding steady at $117,761—up 8% this week—while the US dollar struggles near yearly lows. The WSJ Dollar Index closed at 94.73, down 10.4% from its 2022 peak, pushing investors toward digital assets as a hedge.
Technical Breakout Confirms Bullish Trend
- BTC broke out of a symmetrical triangle pattern
- Cleared key Fibonacci levels (0.382 & 0.5)
- Strong support at $116,951
- RSI at 75.5 (overbought but no bearish divergence yet)
The 50-period SMA on the 4-hour chart ($110,527) reinforces the uptrend, suggesting more upside if momentum holds.
Macro Factors Fueling Bitcoin’s Rally
✅ Fed Uncertainty – Split on rate cuts, with a 50% chance of a July cut
✅ ETF Hopes – Institutional demand grows despite SEC delays
✅ Dollar Weakness – Capital flows into BTC as a store of value
Even Peter Schiff’s bearish warnings (urging investors to sell BTC for silver) failed to dent the rally—BTC rose 6% after his comments.
Trade Setup: Where Could BTC Go Next?
For traders eyeing a continuation play:
- Entry: Pullback to $116,950 (0.5 Fib)
- Stop-Loss: Below $112,500 (0.382 Fib)
- Targets: $121,378 (0.618 Fib), $124,682, $127,681
Key Risks:
⚠️ Fed Minutes (July 12) – Hawkish tone could trigger volatility
⚠️ US Tariff Policies – Impact on global risk sentiment
Big Names Betting on Bitcoin
- Robert Kiyosaki (Rich Dad Poor Dad) bought more BTC at $110K, declaring the market has entered the “Banana Zone” (high volatility phase).
- Analysts see $300K BTC as possible if institutional adoption accelerates.
Final Verdict: Bulls in Control
With strong technicals, ETF optimism, and a weak dollar, Bitcoin’s path of least resistance remains upward. Whether BTC hits $300K this year depends on:
- Fed policy shifts
- Institutional inflows
- Macro volatility
For now, the bulls are running the show.
