Bitcoin Prints Fresh All-Time High! More to Come?
RSI Warns Of Pullbacks. Can The Bulls Push Through?
The Bitcoin bulls are roaring and pushing the price higher on the back of increasing institutional adoption and easing concerns regarding tariffs. The OG cryptocurrency just surpassed its previous All-Time High (ATH) and printed a new ATH at $117,000.
The tariff situation remains red hot; however, Trump pushed back the date when the new levies will take effect. The new date is August 1, and the President has already sent out letters to the countries that have not yet reached an agreement with the U.S.
Currently, the tariffs for most countries are very close to the ones set back in April on “Liberation Day,” but these may still change. Thus far, the U.S. has reached agreements with the EU, Canada, Vietnam, the UK, and China (although there are still uncertainties regarding the China deal).
Elon Musk is still making headlines, this time with his initiative to create the “America Party”, which, according to him, will support Bitcoin. This makes sense since Musk has long been an advocate of crypto in general. However, his feud with Donald Trump continues, and this latest foray into politics will not sit well with the President.
Next on the list of factors contributing to the latest rally is the growing interest shown by corporations. This trend was started by MicroStrategy as it was the first major company to invest heavily in Bitcoin. The strategy proved extremely profitable and now we see many other major players following this path. MicroStrategy is leading the pack with 576,230 BTC, followed by Marathon Digital Holdings with over 46K BTC. Metaplanet and Tesla are among the other public companies heavily invested in Bitcoin, with 15,555 BTC and 11,509 BTC, respectively.
Chart Analysis – BTC/USD
At the time of writing, BTC is trading at $116,900, very close to the recently established ATH at $117K. For the uptrend to continue, we must see a pullback, creating support. The pair did break out of the triangle seen on the chart below and then created support above the broken trend line, so the breakout is likely to generate higher prices, with $120K as the target.
However, the RSI is approaching overbought on a daily chart, which signals that a pullback will follow as soon as the rally becomes exhausted. The correction may find support at the previous peak at $112K. If the pair retraces into that zone, the bulls may step back in to renew the uptrend.
As always, keep in mind that any news/rumors regarding tariffs, trade deals, and other macro factors can drastically affect BTC’s trajectory.
