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Bitcoin’s Summer rally intensified in the early morning of July 11, when the cryptocurrency benchmark sliced past $118,000 to reach exchange highs which peaked at over $118,800. CoinGlass data shows that the surge wiped out $1.25 billion worth of short positions in a single trading session.
What is Bitcoin bull trap or bitcoin breakout?
Charles Edwards, founder of Capriole Investments, sat in X to watch the break-out. “New all-time highs beget new ATHs. It’s usually unwise to ignore a major breakout like this, until invalidated,” He wroteThe corporate Treasury Demand has increased, “grown exponentially, with dozens of new companies popping up in recent months.” Edwards’ base-case projection calls for a further 50–70 percent advance over the next six months—roughly $170,000–$196,000.
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Data is the basis for his focus on Treasury. Public companies added a record 159,107 BTC in Q2—pushing aggregate corporate holdings above 847,000 BTC, or about four percent of max supply. Even ETF inflows were outpaced by corporate Bitcoin purchases.
Matthew Sigel is the head of VanEck’s digital asset research. framed Bitcoin’s path in the context of a wider macroeconomic and political backdrop. “The natural course for Bitcoin remains higher, driven by persistent US debt and deficit problems, demographic tailwinds, a weakening dollar, growing momentum around Fed rate cuts, and the potential for a new Fed chair next year,” Sigel, in his article, also highlights Capitol Hill’s looming crisis “Crypto Week,” Stablecoin is viewed by many as being the easiest digital asset bill to pass. These developments, according to him, are what make $180,000 worthwhile. “very much in play for 2025.”
It appears that lawmakers share this sense of urgency. The House Financial Services Committee has released a press release confirming that week 14 of July is dedicated to the CLARITY Act. GENIUS Act. Sigel claims that this would be the first federally comprehensive framework for stablecoins, market structure and other aspects. “unlock wide-open capital markets” Sectors of interest
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Spot Bitcoin exchange-traded funds are not idle. Net inflows to BlackRock’s iShares Fund alone, have pushed the fund’s holdings over 700,000 BTC since its launch 18 months ago. Edwards and Sigel note, however, that in 2025, treasury firms will be the largest buyers. Edwards refers to this as the a “cap-raising flywheel,” as firms showcase outperforming share prices—up nearly 60 percent year-to-date for the treasury cohort—when courting investors.
The rally has been taking place against a macro-supportive backdrop. Federal Reserve governor Christopher Waller recently told an audience at the Dallas Fed that he believes in a strong economy. “open to cutting the policy rate in July,” Arguments against current settings “too tight” Given waning pressures on inflation. US President Donald Trump also continued his attacks on Fed chair Jerome Powell Over the last few weeks, they have demanded immediate rate reductions. Trump’s tariff increases also seem to be fading, which is supporting Bitcoin.
In spite of euphoric headlines technicians caution that momentum should be maintained above $110,000 for a successful breakout pattern to occur. “This theory would be weakened with closes below $110K and invalidated below $105K,” Edwards closes.
BTC is currently trading for $117.854.
Featured image was created using DALL.E chart by TradingView.com
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Source: www.newsbtc.com
