Bitcoin (BTC) posted its highest-ever weekly close at nearly $110,000 on Sunday, defying a week marked by potential headwinds, including dormant whale wallets moving $8 billion in BTC, renewed tariff drama, and thin holiday liquidity.
By Tuesday, the asset was holding steady just under $108,000 after a brief sell-off on Monday night. Major crypto assets saw a bout of profit-taking. Solana (SOL) lost 2.3% to $149, while dogecoin (DOGE) fell 4.1% to lead slides. Ether (ETH) hovered near $2,530, and XRP held steady around $2.26.
In broader markets, Asian equities wobbled but avoided a selloff after President Donald Trump signaled openness to resume trade talks, postponing fresh tariffs until at least Aug. 1.
The MSCI Asia-Pacific index traded flat despite Korea and Japan facing new levies. Risk appetite crept back as the yen softened and the won rallied, while the euro gained on reports of a potential EU deal.
“Markets are hovering around record highs again,” said Augustine Fan, Head of Insights at SignalPlus.
“Earnings season kicks off this week, and sentiment is being driven by the hope that CEOs guide positively, especially after being blindsided last quarter by sudden tariff headlines,” Fan said.
Crypto continues to track equities tightly, with BTC-SPX correlation near local highs. Fan noted that unless volatility picks up, we’re likely in for “a hot but quiet summer,” albeit one where breakouts can still come from thin air.
Meanwhile, at least one trader eyed a break of bitcoin’s $112,000 record highs in the coming weeks.
“Bitcoin is well-positioned to break its previous high in July, with upside potential toward $120,000 by month-end. Institutional demand and consistent ETF inflows continue to reinforce bullish momentum,” Ryan Lee, chief analyst at Bitget Research, said in a message to CoinDesk.
“Ethereum is also gaining strength, supported by sustained whale accumulation and renewed optimism under a crypto-friendly U.S. administration. ETH could test $3,000 by the end of July, though market volatility remains a factor,” Lee said, adding that the anticipated Fed rate cut in September may serve as a further catalyst.
Read more: Bitcoin Traders Chase $130K Bets in Anticipation of Renewed Bullish Volatility