Bitcoin News Today: Bitcoin Hits $115,644 in July as ETF Demand and Fed Outlook Drive Gains

Bitcoin Surprises with Historic Highs: Will It Maintain Momentum?

Bitcoin recently achieved a historic milestone, closing the month of July at $115,644, marking its first six-figure monthly closure in its 16-year history. This surge underscores the cryptocurrency’s growing institutional adoption and deepening buyer base. Analysts highlight that the market’s ability to recover from a 4% decline in July, following a large 80,000 BTC blockchain transfer, reflects strong institutional support [1]. However, the market’s historical patterns in August tell a different story. Data from Coinglass shows Bitcoin closing in the red in August for three consecutive years, with declines of 8.6% in 2024, 11.29% in 2023, and 13.88% in 2022 [1]. The only exception was 2021, a “bull year” marked by an 13.8% increase.

The same trend applies to Ethereum, which saw a 48.77% gain in July but began August with a 0.43% decline. Coinglass data reveals ETH fell 22.21% in August 2024, 11.3% in August 2023, and 7.33% in August 2022, with a 35.62% rise in 2021 again tied to the bullish environment [1]. These patterns suggest a high likelihood of volatility in August, despite the overall maturation of the crypto market.

The rally has been fueled by surging demand for Bitcoin ETFs, renewed investor confidence, and speculation over potential U.S. monetary easing. Bitcoin has recently broken through key psychological barriers, reaching $122,000 amid strong market optimism [7]. However, the market remains in a holding pattern as traders await the Federal Reserve’s next policy decision. Prediction markets suggest a 98% probability the Fed will hold rates steady, yet analysts are closely monitoring the central bank’s tone for signs of a dovish pivot [1]. A dovish signal could boost Bitcoin’s momentum, while a hawkish stance could lead to capital shifting to safer assets, potentially weighing on crypto prices [1].

Recent remarks from former U.S. president Donald Trump, suggesting that Fed Chair Jerome Powell could be open to rate cuts, have further fueled speculation [1]. OANDA’s Edward Moya notes that the crypto market is particularly sensitive to interest rate expectations, with a dovish Fed likely to reinvigorate buying interest and a rate hike potentially triggering selling pressure [1].

In the short term, Bitcoin has shown resilience, staging a V-shaped recovery after a sharp dip in late July and regaining key price levels [3]. Analysts project the cryptocurrency could target the $119,200–$119,800 range in the near future if the current momentum holds. Meanwhile, the broader market remains volatile, with July marking a particularly active period for crypto [2].

Looking ahead, some analysts have made long-term forecasts, with Mitrade suggesting Bitcoin could reach between $600,000 and $1.2 million in 10 years under a base-case scenario [4]. While such projections remain speculative, they reflect the growing perception of Bitcoin as a store of value.

The broader cryptocurrency ecosystem is also evolving, with altcoin season gaining traction amid record U.S. M2 money supply growth and a drop in Bitcoin’s dominance [6]. This suggests that while Bitcoin remains the leading asset, other cryptocurrencies could play a more prominent role in the coming months.

Despite the bullish momentum, Bitcoin’s near-term path remains uncertain, currently hovering around $118,400 [8]. Analysts have identified key resistance levels to watch, with the $114,000–$116,000 range seen as a crucial support zone. A break below this level could signal a bearish shift [8].

As the market awaits the Federal Reserve’s decision, Bitcoin remains in limbo, with its price likely to react sharply to any unexpected developments. The outcome of the policy meeting could influence not only Bitcoin but also investor behavior across equities and commodities [1].

Source:

[1] [Bitcoin News Today: Fed's Policy Tone to Shape ...](https://www.ainvest.com/news/bitcoin-news-today-fed-policy-tone-shape-bitcoin-move-markets-await-outcome-2507/)

[2] [July Closes with Crypto Still Sizzling](https://weissratings.com/en/weiss-crypto-daily/july-closes-with-crypto-still-sizzling)

[3] [Bitcoin Surges Back After Sharp Dip — Bulls Regain Control](https://www.binance.com/en/square/post/27664274705290)

[4] [How Much Will a $10000 Investment in Bitcoin Be Worth ...](https://www.mitrade.com/insights/news/live-news/article-8-997661-20250730)

[7] [Why Is Bitcoin Going Up? ETF Frenzy Sends ...](http://www.msn.com/en-gb/money/other/why-is-bitcoin-going-up-etf-frenzy-sends-bitcoin-to-record-122-000-high-should-you-invest/ar-AA1IyIHu?apiversion=v2&batchservertelemetry=1&domshim=1&noservercache=1&noservertelemetry=1&ocid=finance-verthp-feeds&renderwebcomponents=1&wcseo=1)

[8] [Bitcoin in limbo: Watch these BTC price levels ahead of ...](https://www.bitget.com/news/detail/12560604887764)

[6] [Altcoin Season 2025: M2 Surge, BTC Dominance Drop & ...](https://www.ccn.com/education/crypto/altcoin-season-2025-m2-btc-dominance/)