Key Takeaways
- The Bitcoin price breaks its previous all-time high, trading above $115,000, as bulls eye $135,000.
- On-chain data suggests Bitcoin price action could continue to see a strong rally to the upside.
- Market sentiment has shifted to bullish following Bitcoin’s recent strong rally, as bulls now dominate the price.
Bitcoin’s price has blasted past its all-time high of $111,800, creating a new all-time high of $116,800, as traders and investors are over the moon following such price action after months of trading in a range, with the price struggling to reclaim its previous all-time highs.
With the current price action of the Bitcoin price suggesting bullish momentum, crypto experts and investors are speculating a strong potential rally for Bitcoin towards a high of $135,000 before the end of July, as this month has historically been a bullish period for the Bitcoin price.
Related Read – Bitcoin Price Prediction for July – Is $120,000 Incoming?
Bitcoin’s price is not the only asset to reach a new all-time high, as the U.S. stock market has also regained strong highs. However, Bitcoin has generated significant buzz in the last few hours as the general market has shifted bullish for Bitcoin and other crypto assets, which are poised to reach historical highs in the current bull market.
Crypto Market Sentiment
Crypto market Statistics – Source QuantifyCrypto
The cryptocurrency market has struggled to demonstrate such strong bullish price action over the past five months, as the price of Bitcoin has traded below its previous all-time high, resulting in a significant market crash for altcoins.
Additionally, microeconomic uncertainties, war, and tariff hikes have all contributed to the decline of the cryptocurrency market over the last five months.
The market has regained some relief, as Bitcoin and many other altcoins are beginning to show strength to the upside, with BTC reclaiming its price above all-time highs, contributing to an overall bullish market sentiment.
With current market sentiment becoming bullish, crypto experts are speculating a potential price rally for BTC towards $135,000 following such a massive price breakout. The Polymarket prediction for Bitcoin hitting $120,000 has increased to 99% following such a market rally, as other on-chain statistics suggest that bulls could be back to push the price of Bitcoin higher.
Bitcoin Volume and Open Interest Rallies as Price Eyes $135,000
Bitcoin On-chain Data – Source Coinglass
The cryptocurrency market is closely watching Bitcoin’s price following a breakout, potentially signaling an exhaustion of opportunities to enter a short position. However, the price has remained strong to the upside, entering a phase of price discovery.
According to Bitcoin’s open interest and volume, the price is likely to continue its rally, gaining momentum from the strong volume that has been missing for months.
Conclusively, Bitcoin’s price has demonstrated strong technical strength on the higher timeframe, as the overall market trend is expected to continue rallying to the upside, pending a clear shift to the downside in the market.
