Will BTC Reach an All-Time High in July? 5 Key Bitcoin Insights This Week

BTC price gains since the weekend have transformed market sentiment, but not all Bitcoin traders think the good times will return so easily soon. Bitcoin surged into the third week of July, soaring above $60,000 as fresh strength in BTC sparked a sentiment turnaround. The big question now is: can this momentum last?

The largest cryptocurrency is thrilling traders once again, especially after geopolitical events over the weekend. Gains since July 12 have reached 10%, igniting excitement and optimism in the market.

What could have been a fleeting reaction, potentially ending with the weekly candle close, has instead laid the groundwork for further Bitcoin price upside. The pressing question for market participants now is: where does real support lie?

This move has been  long-awaited. Traders and analysts have watched BTC/USD dip to four-month lows and struggle to reclaim the $60,000 mark repeatedly. Now, with that hurdle tentatively cleared, other significant price levels are coming back into focus.

However, there's always a risk that bulls could run out of steam, whether due to manipulative market activities or simply a lack of consistent buying demand. This week's Wall Street trading sessions will undoubtedly play a crucial role in determining this.

Geopolitical factors could also throw in another curveball, along with macroeconomic developments starting this week. Jerome Powel chair of the US Federal, will provide more insights into inflation expectations on July 15, followed by US jobs data later in the week.

Meanwhile, the recent price uptick is transforming the Bitcoin network fundamentals landscape. After successive difficulty drops, the network could see a 4% increase in the coming days.

Cointelegraph takes a closer look at these topics and more in the weekly rundown of key points of debate surrounding BTC price performance.

BTC price rise: Too good?

If $60,000 were not enough for Bitcoin bulls, BTC/USD went on to gain another 3.5% after the weekly close.

It was an impressive $60,799, with the close setting up a run that has so far seen $62,990 come back into play, according to the latest data from Cointelegraph Markets Pro and TradingView.

Unsurprisingly, traders greeted that surge, which cemented both the $60,000 level and nearby key levels, with considerable relief. “Entering back in the original 60-71.9k range with what looks like deviation,” popular trader Roman wrote in one of his latest updates on X. Indexed Signal From RSI are sold extent from 1 year past.

Like others, however, he acknowledged that the breakout and upward continuation might simply be too easy.

“My concern is LTF volume + weekend pump,” he explained, referring to a lack of low-timeframe trading activity and the genesis of Bitcoin’s rebound occurring during hours without the participation of traditional finance ("TradFi") traders.

Overly bearish positions nonetheless felt the pressure overnight, with liquidations taking their toll on crypto shorter.

This development has further strengthened positive sentiment among Bitcoin enthusiasts, as the market demonstrates remarkable strength and resilience. Traders are now keenly observing whether Bitcoin can sustain its upward trajectory and solidify its recent gains in the coming days.

According to data from monitoring resource CoinGlass, liquidations totaled $93.5 million in the 24 hours leading up to the time of writing.

CoinGlass also highlighted a cloud of overhead ask liquidity centered around $63,500. Checkmate, the creator of the analytics platform Checkonchain, noted that Bitcoin had successfully absorbed sell-side pressure from entities, including the German government.

This resilience is particularly noteworthy, given the substantial pressure from significant sell-offs.These challenges, Bitcoin's ability to maintain its strength and push higher is a testament to its underlying bullish momentum. As we move forward, the market is watching closely to see how Bitcoin navigates these critical resistance levels and whether this bullish trend can continue in the face of potential headwinds.

Fed’s Powell kicks macro week

The macroeconomic week gets off to a brisk start with Fed Powell appearing at a discussion at the Economic Club of Washington, DC.

Amid mixed inflation data from last week, markets will be paying close attention to Fed’s language for cues on how US financial policy might change going forward. The next meeting scheduled for the end of the month, is not currently expected to deliver an interest rate cut. Instead, all eyes are on the September Meeting, which is anticipated to be the critical moment for a potential shift to a more accommodative policy stance.

“All eyes are on the Fed and the start of earnings season,” wrote The Kobeissi Letter, a trading resource, in part of an X summary, referencing the upcoming earnings reports from major firms.

According to the latest data from CME FedWatch Tool, the odds of a September rate cut in some form are at 94.1% as of July 15. In contrast, the odds of a rate cut this month are just 4.69%. "The market is now pricing in 2-3 Fed rate cuts before the end of the year in 2025, observed Charlie strategist at wealth management firm Creative Planning.

This growing anticipation for rate cuts reflects the market's belief that the Fed will eventually adopt a more dovish stance to support the economy. Fed Kicks, investors will also be scrutinizing corporate performance for signs of how businesses are navigating the current economic landscape. The combination of Fed policy decisions and corporate earnings results will likely set the tone for market sentiment in the weeks ahead.

Bitcoin hashrate stages a serious comeback (BHR)

The change in price Atitude is already making itself felt across Bitcoin network fundamentals.

After three successive downward adjustments, mining difficulty is finally poised for a recovery. While this will depend on sustained price strength, current estimates suggest a 4% uptick on July 18, offering hope to those concerned about miner health.

Hashrate is reinforcing the bullish outlook for Bitcoin’s future, already challenging all-time highs, according to raw data from monitoring resource MiningPoolStats. "Bitcoin is back over $61.9K, and miners have risen out of Purgatory and are finally looking at Hell from outside again,” said Bob Burnett, founder and CEO of Bitcoin mining firm Barefoot Mining.

Examining the hash ribbons metric, which compares 30-day and 60-day rolling hashrate changes, suggests that a “capitulation” phase among miners could soon end. The last such phase, reported by Cointelegraph, was in August 2023 — a period that signaled a long-term BTC price bottom below $30,000.

This potential recovery in mining difficulty and hashrate stability not only reflects improved miner sentiment but also underscores the resilience of the Bitcoin network. With prices climbing(Raising) and mining fundamentals strengthening, the stage is set for a more robust and bullish market environment. Investors and market watchers alike are eagerly anticipating whether these signals will translate into sustained upward momentum for Bitcoin.

Hedge Fund Trader Predicts New BTC Price All-Time High by August

When it comes to BTC price predictions, the participation of traditional financial figures rarely escapes the crypto community's attention.

This week, hedge fund trader Josh Man is making waves on social media with a daring forecast of new all-time highs for BTC/USD by the end of July. In a video update uploaded to X, Man pointed to August 2023 as the starting point of a bullish trendline, which BTC/USD is now once again attempting to reclaim.

Now we spent a month through here and below it, he said, adding that he would expect it works out when it comes to the reclaim. On where BTC price action should go next, Man was distinctly bullish. In subsequent X activity, he confirmed that it would indeed be before August when the new record is hit, requiring a price above $73,800.

Man’s prediction has ignited a flurry of excitement and speculation within the crypto community. Recent positive trends and key market indicators that suggest a strong upward  for Bitcoin. If his examine proves 100% Done, Bitcoin will not only break its previous time high but also set a new benchmark on it, potentially attracting a fresh sound of investment and interest from both retail and institutional Traders.

As the end of July comes, all hands and eyes on Bitcoin’s price movements to see if this prediction comes to fruition. If it does, it could signal the beginning of an exhilarating new Term for the cryptocurrency.

Crypto Fear & Greed Index 2ble

The Crypto Fear & Greed Index is evolving daily and, as a lagging indicator, it may not yet fully capture the potential return of “greed” to the market. While the index currently stands at “neutral,” it hasn't yet reflected the full impact of the latest BTC price rebound.

Research firm Santiment has noted a significant shift in market behavior, identifying geopolitical events as key performance catalysts moving forward.

Santiment also highlighted an “undeniable” bullish bias linked to Donald Trump as a US presidential candidate, which has been evident throughout 2024. An accompanying chart illustrated the performance of both BTC/USD and the Trump-themed memecoin, MAGA (TRUMP).