Can They Push BTC Even Higher?

Bitcoin’s worth revival on the finish of the enterprise week caught many quick merchants off guard because the asset skyrocketed to a brand new all-time excessive of just about $119,000 following an prolonged interval of muted actions.

Though there was not one single massive announcement that might have been associated to the explosive rally, there are a number of causes that have been build up for weeks, which might be attributed to the brand new peak.

Total Accumulation

The next causes might be mixed into one class of “general accumulation,” though they could range by investor kind, completely different moments of purchases, and so on. We’ll begin with the ETFs as they’re the freshest. As reported yesterday, the spot Bitcoin ETFs within the US attracted greater than $2.7 billion throughout the previous 5 buying and selling days alone.

As well as, they’ve seen solely in the future in internet outflows since June 9. Each of those components can drive the underlying asset’s worth north, particularly when buyers spend greater than $2 billion to build up ETF shares in two consecutive days (July 10 and 11).

Subsequent, we are going to record the buildup by massive firms. Technique, which admittedly failed to announce a purchase order final week, has spent billions previously few months to accumulate extra BTC. Its instance has been adopted to a smaller extent by different firms that now maintain bitcoin as a reserve asset, similar to Metaplanet, GameStop, and Semler Scientific.

Though these purchases won’t influence the asset’s worth instantly, their steady efforts actually play a job as they scale back the fast promoting stress.

The buildup pattern expands properly past establishments and enormous firms. Glassnode reported lately that smaller buyers, categorized as shrimps, crabs, and fish (wallets holding lower than 100 BTC), have been buying greater than 19,000 BTC per thirty days. Compared, miner issuance stands at simply 13,400 BTC per thirty days.

Taking a look at accumulation by pockets dimension: Shrimps, Crabs, and Fish – wallets with <100 $BTC – are accumulating ~19.3k BTC/month, whereas miner issuance stands at 13.4k BTC/month.
Persistent internet absorption throughout a large base of holders is creating measurable supply-side tightening. pic.twitter.com/ajut5hlpqv

— glassnode (@glassnode) July 12, 2025

The aforementioned purchases from numerous varieties of buyers, most of whom are transferring their BTC holdings out of exchanges, lead us to the subsequent cause (sure, they’re associated). According to CryptoQuant, the quantity of BTC saved on buying and selling platforms has declined to the bottom degree in a decade, one other sign that buyers are in search of the long run.

Macroeconomic Causes

The explanations above paint a transparent image that buyers are accumulating. Now, let’s get all the way down to why they may be doing so.

Though Trump bombarded quite a few nations and whole Unions with new units of tariffs previously few weeks, together with on Saturday, the impact is nowhere close to as devastating to BTC because it was again in April. On the time, bitcoin’s worth collapsed to a five-month low, whereas now, the tariffs are one way or the other thought of helpful for the cryptocurrency.

As analysts from QCP put it:

“Will Trump delay implementation as soon as once more? That is still to be seen. However repeated cycles of tariff threats and postponements have contributed to optimistic uncertainty. Enterprise sentiment and manufacturing indices have remained firmly in enlargement territory.”

BREAKING: President Trump sends out extra “tariff letters” with the next tariff charges now introduced:

1. Brazil: 50%
2. Myanmar: 40%
3. Laos: 40%
4. Cambodia: 36%
5. Thailand: 36%
6. Bangladesh: 35%
7. Canada: 35%
8. Serbia: 35%
9. Indonesia: 32%
10. European Union: 30%
11.…

— The Kobeissi Letter (@KobeissiLetter) July 12, 2025

Within the meantime, we are going to conclude our reasoning with the declining US greenback index. Consultants have lengthy predicted an enormous parabolic transfer for BTC as soon as the buck loses traction. It is because buyers have a tendency to leap into store-of-value belongings, similar to gold and bitcoin, in occasions when the greenback is weak.

Nicolai Sondergaard, Analysis Analyst at Nansen, instructed CryptoPotato that though he didn’t imagine this rally was largely pushed by macro occasions, he thinks sure US insurance policies have attributed to it.

“Current U.S. coverage developments similar to fiscal enlargement and expectations of additional financial easing have created a backdrop that’s undeniably favorable for Bitcoin.”

Will BTC Maintain Surging?

The large query now could be whether or not these causes will proceed to push the cryptocurrency increased. In a memo to CryptoPotato, analysts from Bitfinex appeared optimistic.

“Except ETF inflows collapse or macro takes a pointy flip, the construction stays intact. Bitcoin has flipped $111k–$114k into help, and so long as that holds, the pattern is increased. For merchants, the message is easy: respect the flows, look ahead to funding dislocations, and keep tactical round round-number resistance ranges for Bitcoin.”

However, they warned that “no rally goes up in a straight line.” The analysts added that BTC might be due for a correction first, as they’ve already began to “see some indicators of non permanent exhaustion.”

Nansen’s Sondergaard additionally weighed in on whether or not bitcoin has the power to maintain marching ahead:

“Bitcoin lately broke by means of key liquidation ranges and managed to carry above them, which I imagine signaled there was extra room for upside.

On the technical facet, Bitcoin’s day by day RSI has climbed above 70, which is typical in sturdy momentum phases. It’s not inherently bearish; RSI rising throughout worth rallies is regular. Nevertheless, if worth continues to rise whereas RSI begins to diverge or decline, that might be an early sign of fading momentum and the potential for a correction.”