In a world where the heart of man is often swayed by the winds of fortune, the prices of Bitcoin and other cryptocurrencies have resumed their bull run, much to the delight and occasional bewilderment of those who watch the financial markets. 📈
Bitcoin (BTC), the grand patriarch of the crypto world, has surged to a record high of $112,000, while the crypto market cap has leaped to over $3.5 trillion. It is as if the market, in its infinite wisdom, has decided to ignore the usual trade-related risks, choosing instead to embrace a risk-on sentiment that would make even the most seasoned investor pause and smile. 😄
The rising Fear and Greed Index, now in the extreme greed zone of 75, is a testament to this newfound optimism. It is as if the market has decided to throw caution to the wind, much like a young man in the throes of first love, heedless of the potential consequences. 💔
Another notable development in this grand saga is the surging stock price of NVIDIA, which has reached a record high, with its market capitalization surpassing $4 trillion for the first time. The correlation between crypto prices and technology stocks, both characterized as high-risk assets, is a bond that seems to grow stronger with each passing day. 🤝
BTC and altcoins have also advanced as demand from Wall Street investors continues to rise. Spot Bitcoin ETFs, for instance, have crossed the important $50 billion inflow milestone for the first time, adding $218 million in assets on Wednesday. BlackRock’s IBIT ETF now holds over $77 billion in assets, bridging the gap with gold’s GLD ETF. It is as if the old world of gold is being challenged by the new world of digital gold. 🏦
Spot Ethereum ETFs have also seen significant inflows, adding over $211 million on Wednesday, bringing total inflows to over $4.72 billion, much higher than at the start of the year. An analyst, in a note to Bloomberg, observed:
“Voracious demand from equity market vehicles such as ETFs and digital-asset Treasuries has underpinned a continuous bid for Bitcoin.”
Crypto prices have also been buoyed by the Federal Reserve’s latest meeting minutes, which suggest that some Fed officials expect Trump’s tariffs to have a limited impact on inflation. As a result, analysts are penciling in a 0.25% rate cut at the September meeting, much to the chagrin of Trump, who has called for a 300 basis point cut. It is a dance of economic policy and market sentiment, a dance that seems to favor the bulls. 🐂
Bitcoin Price Technicals Contributed to the Crypto Rally
As we have written here and here, Bitcoin price has formed several bullish patterns that have contributed to the rally. It has formed a cup-and-handle pattern and a bullish flag on the daily chart. It has now moved above the upper side of the cup and the flag, pointing to an eventual breakout. By measuring the size of the flag and the depth of the cup, one can estimate that Bitcoin price will eventually advance above $140,000 in the next few months. Such a move would then trigger further gains among altcoins like Ethereum and Cardano. It is a tale of technicals and sentiment, a tale that continues to unfold in the grand theater of the financial markets. 🎭
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2025-07-10 16:55