Bitcoin climbed 3.86% over the past 24 hours, reaching $113,405, as investors responded to President Donald Trump’s calls for aggressive Federal Reserve rate cuts and continued momentum from institutional buying.
The rally marks a key technical breakout, positioning BTC to challenge higher resistance levels.
Trump’s July 9 remarks, in which he advocated for the “biggest rate cut in history,” triggered a 2.1% BTC jump within hours. Traders interpreted his comments as bullish for liquidity-sensitive assets, driving capital back into risk-on markets. Bitcoin’s 30-day correlation with the Nasdaq surged to +0.74, underscoring the asset’s sensitivity to macroeconomic signals.
Institutional demand continued to pour in through spot Bitcoin ETFs, with $450 million in net inflows recorded on the same day. These inflows helped absorb the profit-taking pressure that followed BTC’s push to new all-time highs.
On the technical side, Bitcoin closed above its 7-day simple moving average at $109,103 and also breached the Fibonacci 127.2% extension level near $115,635. Trading volume rose over 52%, confirming strong buying momentum. Indicators such as the MACD histogram, which stood at +289, and the RSI at 62.54, point to sustained upside potential without immediate overbought conditions.
Bitcoin dominance rose to 64%, reflecting a broader risk appetite across the crypto market. However, a resistance zone near $115K remains key, with more than 8,900 BTC in sell orders currently clustered at that level.
If Bitcoin holds above $113K, market attention may shift toward altcoins. Traders are watching for potential capital rotation into smaller assets as BTC stabilizes near its highs.
Kosta Gushterov
Reporter at Coindoo
Kosta kam 2021 zum Team und hat sich mit seinem Wissensdurst, seiner unglaublichen Hingabe und seiner analytischen Denkweise schnell einen Namen gemacht. Er deckt nicht nur ein breites Spektrum an aktuellen Themen ab, sondern schreibt auch bemerkenswerte Rezensionen, PR-Artikel und Bildungsinhalte. Seine Arbeit wird auch von anderen Nachrichtenagenturen zitiert.
Source: https://coindoo.com/2-factors-why-bitcoin-is-currently-breaking-new-records/