Bitcoin Price Today: BTC Reclaims $118K as Ethereum and XRP Join Crypto Market Rally

Bitcoin price today is trading around $118,500, showing resilience after reaching a record high of $122,838 last week. The world’s largest cryptocurrency is now consolidating between $116,000 and $120,000, signaling a potential breakout.

Fueling the bullish momentum are institutional inflows into Bitcoin ETFs, newly enacted U.S. crypto legislation, and growing anticipation around regulatory clarity from the White House’s upcoming virtual asset policy report.

According to SoSoValue, spot Bitcoin ETFs saw $2.39 billion in net inflows last week — the sixth consecutive week of positive movement. “The appetite from institutional investors remains unshaken,” a CoinShares analyst noted. This continued interest is a major catalyst behind BTC’s stability near all-time highs.

Market Overview: Bitcoin Technical Analysis

From a technical standpoint, Bitcoin technical analysis shows promising signs. The Relative Strength Index (RSI) is at 66 — indicating bullish momentum without entering overheated territory. However, traders are eyeing a potential MACD bearish crossover, which may lead to short-term selling pressure.

Bitcoin eyes a potential breakout as key Fibonacci extensions and channel resistance align around higher target zones. Source: CHRIS06400 on Tradingview

The 50-day EMA at $110,320 continues to act as a support level. A daily close above $120,000 could confirm a breakout and open the door to retesting $122,838 — or even $125,000, which Polymarket traders assign a 45% probability of hitting before the end of July.

Meanwhile, a drop below $116,000 could see BTC retreat toward the 50-day EMA. With both upside and downside possibilities, analysts urge caution while remaining broadly bullish.

Policy & News Catalysts: Regulatory Winds Favor Bitcoin

One of the major factors driving Bitcoin news today is regulatory development. On Friday, U.S. President Donald Trump signed the GENIUS Act into law, providing the first comprehensive federal framework for stablecoins. The law mandates USD-backed full reserves and AML compliance.

U.S. Crypto Week marks a historic breakthrough as Congress passes the GENIUS Act, CLARITY Act, and Anti-CBDC provision—ushering in a new era of digital asset regulation, financial privacy, and market innovation. Source: @veradittakit via X

Deutsche Bank Research called the bill “a milestone that puts the U.S. ahead in stablecoin policy,” while also noting its potential to strengthen the dominance of USD-denominated stablecoins, which already represent over 99% of the global market cap.

In parallel, the White House is set to release its first virtual asset policy report on Tuesday. The report, mandated by Executive Order 14178, is expected to lay the groundwork for long-term digital asset regulation — including the creation of a national strategic reserve of digital assets, possibly starting with Bitcoin.

Significantly, the executive order also prohibits the development of a Central Bank Digital Currency (CBDC) — marking a major policy reversal from the previous administration.

Institutional Moves: Strategy Adds 6,220 BTC

Institutional demand remains relentless. Investment firm Strategy recently added 6,220 BTC to its treasury at an average price of $118,940 per coin — totaling around $739.8 million. The firm now holds 607,770 BTC, valued at over $43.6 billion.

Their previous acquisition in June coincided with Bitcoin’s rally to its current all-time high, underscoring the strategic timing of large-scale corporate buys.

“We’ve been consistent in our belief that Bitcoin serves as an inflation hedge and long-term store of value,” said Strategy’s CFO in a recent press release.

Altcoins Rally as Bitcoin Momentum Builds

While Bitcoin retains its lead, altcoins like Ethereum and XRP are catching up. Ethereum (ETH) has rallied for nine consecutive days, now trading near $3,770. Two recent Golden Cross patterns — with the 50-day and 100-day EMAs flipping above the 200-day EMA — have further boosted bullish confidence.

Bitcoin makes a strong comeback from the 2022 crash—evolving beyond its original vision into a new role in the global financial landscape. Source: @TouTzuSays via X

However, Ethereum’s RSI is at 87, a red flag for potential overbought conditions. Analysts suggest watching $3,500 as the first level of support if a correction occurs.

Meanwhile, XRP is holding firm above $3.54, close to its record high of $3.66. A bullish MACD crossover has been in play since June 28, and volume continues to surge. A breakout to $4.00 remains in sight — though the RSI at 85 indicates traders should be cautious.”

Expert Insight: Bitcoin as an Inflation Hedge

Many analysts maintain that Bitcoin’s role as an inflation hedge remains relevant — particularly amid growing U.S. economic uncertainty. With rising inflation, continued ETF inflows, and global reserve demand for digital assets, long-term investors are staying the course.

“The GENIUS Act and executive order are long-overdue moves that provide clarity,” said crypto policy expert Caitlin Long. “The U.S. now has a serious chance to lead in digital asset adoption — with Bitcoin at the center.”

Final Thoughts: What’s Next for Bitcoin?

Looking ahead, Bitcoin’s next move depends heavily on two factors: a successful daily close above $120K and the White House’s policy report on digital assets. A breakout could push BTC toward $125K in the short term.

Bitcoin (BTC) was trading at around $118,046, down 0.55% in the last 24 hours at press time. Source: Bitcoin Liquid Index (BLX) via Brave New Coin

At the same time, institutional appetite remains high, policy winds are shifting in crypto’s favor, and technical indicators still lean bullish — all of which bolster Bitcoin’s long-term outlook.

As always, traders are advised to monitor volatility and set appropriate risk levels as Bitcoin and its counterparts continue their historic climb.