Bitcoin recently broke through the $107,000 mark, surging for the first time after days of mostly stagnant price movements. The surge can be attributed to the aggressive institutional accumulation of BTC or to the victory lap often associated with July.
According to data from crypto.news, BTC (BTC) is standing just above the $107,000 threshold. On July 2 at 7:30 UTC, the largest cryptocurrency by market cap is currently trading hands at $107,111. In the past 24 hours, the token has gone up slightly by 0.2%
So far, it has stayed well above the $107,000 threshold, with only brief corrections bringing it down to $106,982 before bouncing back above $107k.
When traced back, the token has begun to show signs of a gradual rally. So far, BTC has gone up by 0.44% in the past week and by 2% in the past two weeks.
The surge in Bitcoin price has also served to boost its trading volume. Compared to the previous trading day, BTC’s daily trading volume has gone up by 22.8%, raising the number to $26.8 billion in the past 24 hours. This increase in trading volume marks a rise in recent market activity.
The last time Bitcoin was able to reach above $107,000 and even surge beyond $110,000 was back in early June, specifically on June 10. But that was before the crypto market got dragged down by geopolitical tensions between Iran and Israel as well as the cautious stance towards interest rate cuts from the Fed.
Bitcoin’s upward momentum is mostly driven by accumulation by institutional holders, like Michael Saylor’s Strategy as well as other “copy-cat” firms which have warmed up to BTC treasury operations.
The strengthening of Bitcoin and other alternative assets like gold could be attributed to the weakening U.S. dollar, which has reportedly been losing its grip as it falls by record levels in 2025 alone. According to a report by Al Jazeera, the dollar index has fallen by 10.8% within the first half of this year.
Could July boost Bitcoin even higher?
Matrixport analysts predicted that BTC could hit a new all-time high this month, even going as high as $116,000. Based on analysis of historical Bitcoin patterns, analysts have found a consistent period of strong gains whenever July rolls around.
For instance, BTC once hit its highest July peak in 2020, rising by as much as 23.9%. The next two years that followed also generated strong gains. Analysts have concluded that the month of July turns up an average return of more than 9.1%.
“This creates a clear risk or reward skew to the upside as we head into July,” said Matrixport analysts.
Just a day prior, crypto.news reported that BTC was stuck in a resistance zone and showing signs of a bearish divergence. However, it has rebounded back to the $107,000 level and is increasing steadily today.
As traders enter the month of July, it remains to be seen whether the prediction will come to pass and whether BTC will finally be able to break free from its stagnation period.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
