Yesterday, the price of Bitcoin rose by over 2%, surpassing its June high.

Several cryptocurrency platforms were quick to report that the BTC/USD pair had reached a new all-time high. Even if so, this morning’s slight pullback indicates a correction from yesterday’s peak.

Among the factors fuelling this bullish momentum are:
→ Weakness of the US Dollar. The US Dollar Index futures hit their lowest level since February 2022.
→ Bitcoin's relative attractiveness compared to other cryptocurrencies. Bitcoin dominance is increasing, reinforcing its leadership position and deterring a broad investor shift toward alternative assets. Since the beginning of 2025, the BTC/USD pair has gained over 18%, while the total cryptocurrency market capitalisation has grown by approximately 7.6%.

Technical Analysis of BTC/USD Chart

On 1 July, we analysed the BTC/USD chart and:
→ Identified that Bitcoin price fluctuations had formed an ascending channel (marked in blue);
→ Highlighted strong demand near the psychological level of $100,000;
→ Assessed the market through the lens of a bullish flag pattern, a breakout from which typically suggests the continuation of a long-term uptrend.

Since then, Bitcoin has shown bullish behaviour, moving along the median of the blue channel. During this phase, the price formed a contracting triangle, which broke to the upside – a clear signal of buyer initiative.

What’s next? Bulls might attempt to establish a clearly recognisable new all-time high by testing the $112,000 level.

It is also worth noting that, according to analysts, the amount of Bitcoin held on crypto exchanges is at a multi-month low. This creates potential for accelerated price growth should the establishment of a new high attract fresh inflows of buyers to the market.

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