Bitcoin’s 3.40% weekly gain marks its strongest performance since late May, signaling renewed bullish momentum after June’s correction. The advance occurred despite two consecutive daily losses, demonstrating underlying demand around $106,000 support. This resilience is notable given macroeconomic headwinds, including Fed rate uncertainty and Middle East tensions.
The weekly surge reflects institutional accumulation through ETFs and futures positioning, with open interest rising alongside price. Technical analysts highlight the reclaiming of the 20-week moving average as a positive sign, though resistance persists near $108,000. Year-to-date gains now stand at 14.42%, outperforming many traditional assets.
This performance sets a critical tone for July, historically a bullish month for Bitcoin. Sustained weekly closes above $105,000 could target May’s all-time high of $111,986, while failure may extend consolidation. Traders watch for a decisive weekly close above $108,000 to confirm trend continuation.
