The world’s largest cryptocurrency, Bitcoin, is nearing $110,000 levels gaining a solid 2.2% in the last 24 hours. At the time of publishing this article Bitcoin is at $109292.90. This is the first major move since June 11 and is now within striking distance of its $112,000 all-time high, which was recorded on May 22. Investors are also eyeing the U.S. unemployment data, which has come in at 4.1%, beating expectations.
The recent rally has renewed interest among retail investors. Bitcoin ended June with the highest monthly close ever at the $107,000 levels, marking its third consecutive month in the green. Growing institutional interest and increasing real-world adoption are a few other reasons behind the bulls taking charge.
So, what’s fueling Bitcoin’s ride towards a new all-time high?
- Massive ETF inflows & institutional buy-in: Spot Bitcoin ETFs have attracted more than $11 billion in new investments in the past 3 months. Financial giants like Standard Chartered and Global X project Bitcoin could reach $135,000–200,000 in the coming months. In the U.K., Cartwright Pension Trusts reported a 60% gain for clients who had allocated only 3% of their portfolio towards Bitcoin in November 2024. The firm noted a growing trend among pensions, charities, and businesses exploring Bitcoin both as a reserve asset and for payments.
- Favorable Regulatory & Macro Backdrop: The U.S. is moving toward clearer crypto rules, including the bipartisan GENIUS Act and initiatives by many states like Texas and Arizona that are placing strategic Bitcoin reserves in their treasury. Macro themes such as potential Fed rate cuts, weakening dollar, and easing geopolitical uncertainty have pushed investors toward scarce assets like Bitcoin. Historically, July has been a strong month for BTC, averaging ~20% gains.
- Technical Support & On‑Chain Strength: Bitcoin remains supported above the 50-day EMA, showing a rising wedge pattern indicative of a bearish reversal. It has managed to break through the $108,000–110,000 resistance zone, which could trigger further upside. On‑chain metrics show about 98% of Bitcoin supply in profit, a sign of bullish accumulation, despite some profit-taking from long‑term holders.
Technical charts have also warned of choppy swings ahead, even as new highs are possible, abrupt pullbacks remain a risk. For investors, the path ahead may offer impressive gains if managed with caution and attention to risk.