FXOpen
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.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.
*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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