Daily Crypto Signals: Bitcoin Soars to $116,600+ Record High, Ethereum Tests $3,000 Resistance
Bitcoin has shattered previous records by reaching an all-time high of $116,608, driven by institutional demand and Trump administration
Quick overview
- Bitcoin has reached an all-time high of $116,608, driven by institutional demand and favorable policies from the Trump administration.
- Ethereum has rallied 13.5% to approach the $3,000 level, but traders remain cautious about the sustainability of this breakout.
- The cryptocurrency market is facing volatility due to regulatory changes and security issues, highlighted by a recent $40 million exploit in the DeFi sector.
- Sui has shown strong performance, breaking key resistance levels and indicating potential for further gains if bullish momentum continues.
Bitcoin BTC/USD has shattered previous records by reaching an all-time high of $116,608, driven by institutional demand and Trump administration policies, while Ethereum ETH/USD rallied 13.5% to test the critical $3,000 level amid cautious market sentiment. The crypto market experienced significant momentum with $4.4 billion in capital inflows backing Bitcoin’s breakout, though derivative markets suggest traders remain hesitant about sustained rallies.
Crypto Market Developments
Today, the cryptocurrency market was very volatile because to changes in regulations and action from institutions that affected trading patterns. On July 16, US senators will hold a hearing to talk about crypto tax regulations. The main goal will be to put up a complete tax system for digital assets. As part of the Republican effort to move forward with several crypto-related initiatives, the House Committee on Ways and Means will look into “affirmative steps needed to place a tax policy framework on digital assets.”
The European Securities and Markets Authority (ESMA) has also looked into Malta’s cryptocurrency licensing procedure and produced a review that points out problems with the mechanism for giving crypto asset service providers permission to operate. It has been more than a year since the MiCA framework went into effect, and this shows how important it is for EU member states to have the same rules.
The market also had problems since GMX stopped trading after a liquidity pool exploit that stole more than $40 million. This shows that security is still a big problem in the DeFi industry. Even though things are tough, institutions are still very interested. For example, Changpeng Zhao’s family office is sponsoring a new BNB treasury firm that wants to go public in the US.
Bitcoin’s New ATH: $116,600+
Bitcoin (BTC) has broken over previous resistance levels and is currently up almost 24% this year, reaching a high of $116,608. There has been a lot of institutional demand behind the surge, as shown by the $4.4 billion in capital inflows that came with the price breakout. Glassnode, an on-chain analytics startup, said that Bitcoin’s Realized Cap went up a lot during the surge. This shows that there was real conviction behind the gain and not just a speculative markup.
The rise of Bitcoin is mostly supported by institutions because of good policies during President Trump’s time in office. In March, Trump signed an executive order to set up a strategic cryptocurrency reserve. He also named crypto-friendly people to important positions, like SEC Commissioner Paul Atkins and White House AI czar David Sacks. Trump Media & Technology Group is also looking into starting an exchange-traded fund that would let investors buy a variety of cryptocurrencies, including Bitcoin. This would make institutional adoption even more legitimate.
Technical research says that Bitcoin’s momentum may keep going, and crypto expert CrediBULL Crypto says that it’s now “illegal” to short the cryptocurrency because of its strong bullish structure. The Elliott Wave study says that the current wave might reach a target of $130,000, and in a best-case scenario, it could even go as high as $150,000. The Bitcoin Market Value to Realized Value (MVRV) Ratio is currently 2.25, although it has historically been about 2.75, which is equal to a price of $130,900.
Ethereum Tests $3,000 Resistance
Ethereum’s 13.5% rise over two days took the cryptocurrency to the psychological $3,000 barrier, but traders in derivatives markets are still wary of how long this breakout will last. The ETH monthly futures premium is at 5%, which is right on the line between neutral and bearish. This means that professional traders are less negative but still not very sure that the surge will last. This is better than the 3.5% premium from the week before, but it’s still a far way from the optimistic levels witnessed when ETH was trading above $3,300 in January.
The cautious mood is partly due to Ethereum’s continued problems with network economics. The network’s Total Value Locked (TVL) has gone up from $50 billion three months ago to $73 billion now, while trading volume on decentralized exchanges has decreased to its lowest level in nine months. For ETH investors, the 22% drop in network fees over the past 30 days to $34.8 million is more worrying. This lowers the burn rate of ETH and puts downward pressure on price by making tokens less scarce.
Ethereum’s layer-2 ecosystem has done quite well, with DEX volumes reaching $58.6 billion in the last 30 days. But lowering rollup fees with data blobs hasn’t really increased demand for ETH itself. In contrast, Solana has 86% less TVL than Ethereum but made $25.3 million in network fees. Tron’s fees are 60% more than Ethereum’s, which shows how hard it is for the network to keep its fees low.
Recent price increases seem to be mostly due to a four-day net inflow of $468 million into US-listed ETH exchange-traded funds, as well as companies like ShapLink Gaming and Bit Digital buying treasury bonds. The -3% ETH options delta skew shows that there is equal interest in bullish and bearish strategies, but it is still uncertain if institutional demand will stay at these levels.
Sui Breaks Key Resistance Levels
Sui (SUI) has been a star performer in the current market cycle, rising 11.3% to $3.41 and breaking through important technical resistance levels. The cryptocurrency rose significantly from its 20-day exponential moving average of $2.92 and broke above the 50-day simple moving average of $3.08. This technical breakthrough has started a bullish inverse head-and-shoulders pattern, and the breakout over $3.08 confirms the pattern.
Technical analysts see $3.89 as the pattern’s measured move target, which means that the completion of this bullish pattern opens the door for more higher. The 20-day EMA is trying to go up, and the Relative Strength Index has gone up, which shows that bullish momentum is back. The SUI/USDT pair might rise to $3.55 at first and then maybe even reach the $3.89 goal if buyers can keep the price above the 50-day SMA.
The RSI, on the other hand, shows that the market is overbought, which means that a pullback could happen soon. The neckline of the inverse head-and-shoulders pattern is an important level of support. If the price goes back up from this level, it will prove that the pattern is real and help the rally toward greater goals. On the other hand, if the price drops below the moving averages, the bullish perspective would be thrown out the window, and the price may drop to $2.80 and then $2.60.
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