Bitcoin Closes Week at Record $109,200 Amid Bullish Momentum

Bitcoin has achieved a historic milestone by closing the week at $109,200, marking its highest weekly close to date. This significant achievement underscores the enduring strength of the bull market, despite recent fluctuations in the cryptocurrency landscape. For several months, some experts had predicted a prolonged downturn, but the market's resilience has been evident through sustained support levels, continued buying from major investors, and increasing overall liquidity.

Currently, Bitcoin is trading around $109,428, with the market experiencing a sideways movement over the past few days. The cryptocurrency has been oscillating between key price zones, and a break above $112,000 is necessary to initiate a new upward rally. If this threshold is surpassed, Bitcoin could enter a phase of price discovery, potentially leading to new record highs. Price indicators suggest that there is still room for growth, and Bitcoin's momentum remains positive. While an immediate jump to new highs is unlikely, a steady climb is expected, followed by periods of correction and consolidation.

Key price levels to monitor include resistance at $110,000 to $112,000 and support at $103,000 to $105,500. As long as Bitcoin maintains its position above the support levels, the market remains in a healthy state. A break above $112,000 could pave the way for the next significant rally.

This strong weekly close is particularly noteworthy as the U.S. Congress prepares for Crypto Week starting July 14, during which important crypto laws and market regulations will be discussed. These decisions could bring much-needed clarity to the crypto markets and attract substantial investment from institutional players. Many analysts anticipate a potential rally in late July, followed by a dip in August and another strong move in September or October.

Bitcoin's recent surge, crossing the $108,000 mark, has been driven by easing geopolitical tensions and a rise in institutional interest. The bullish momentum has been further bolstered by a record weekly close, fueling speculation that the next target could be $112,000. Despite a recent pullback from its all-time high, Bitcoin's technical indicators remain bullish, with a MACD crossover on the daily timeframe suggesting further upside potential. The cryptocurrency has been consolidating under the $109,000 resistance level, and a clean break above this point could pave the way for a retest of the all-time high.

The recent dip to $107,000 was surprising given the $1 billion in net inflows into spot BTC ETFs over just two days. However, this downturn was linked to the movement of 80,000 BTC, worth over $8.6 billion, from a dormant wallet believed to belong to a 2011-era miner. Such large transfers often trigger short-term fear, uncertainty, and doubt (FUD) among traders, but on-chain analysts note that these moves are typically symbolic rather than immediately bearish. The transfer of dormant Bitcoin is generally seen as unlikely to precede an immediate sale, as it would draw attention and risk impacting the market price.

ETF inflows, particularly into products like BlackRock’s iShares Ethereum Trust ETF and Grayscale’s ETHE, underscore growing institutional interest in Bitcoin. Despite this week’s ETF spotlight being partially shared with Ethereum, Bitcoin remains the leading crypto for institutional flows and long-term positioning. The recent confirmation of a bullish MACD crossover, combined with BTC’s highest monthly close ever, adds confidence that the pullback may simply be a healthy correction. Bitcoin is in Stage 2 with support near $108,535 and $104,410; a break above $115,882 may trigger Stage 3 and higher volatility.

Despite short-term uncertainty, market sentiment remains firmly bullish. While the path to $120,000 may not be linear, Bitcoin’s strong technical setup, rising ETF inflows, and resilient investor demand suggest a breakout could be on the horizon—pending confirmation above key resistance levels. From a structural perspective, Bitcoin is entering a critical phase. The $112K level remains the immediate resistance to beat. If BTC can break and close above this psychological and technical ceiling, price discovery could quickly accelerate. On the flip side, failure to hold the $106K support may trigger a retest of the $103K–$104K range. However, with liquidity clusters near $110K and positive ETF flows continuing, the bias remains to the upside.

The next few sessions will be pivotal as BTC tests resistance near $109,000 and aims to reclaim $112,000. Should bullish momentum hold, Bitcoin’s next big stop could very well be $120K. Despite the ongoing spell of short-term volatility, Bitcoin’s larger trend points upward. ETF demand, favorable technical setups, and macro tailwinds are aligning in BTC’s favor—even as dormant whales stir the pot. The consolidation above $108,000 looks constructive, and if it holds, odds favor another leg up in the coming weeks. However, Bitcoin often fakes out in choppy markets, so risk management remains crucial.