When will the Bitcoin price surge above $111,000?
Since reaching an all-time high of $111,970.17 in May, BTCUSD has failed to recapture this level. Could this be set to change in July?
Bitcoin’s price has consolidated in recent months, mainly due to uncertainty surrounding the Trump tariffs, Fed policy, and geopolitics.
These factors have spooked investors, who’ve instead leaned on safe havens like Gold, which has risen by over $300 from May to date.
However, as volatility eases around these fundamentals, BTC has made steady gains, climbing by more than 2% in the last week.
From the chart above, you can see that the relative strength index (RSI) is tracking below 57.00, and has mostly been below this point since May’s record price. A slight break out above this level in June pushed BTCUSD from $105,000 to $110,000.
Bitcoin is currently trading around $109,000, indicating that a move beyond the ceiling on the RSI would likely trigger further bullish pressure, potentially leading to a move to $111,000 and beyond.
Author
Eliman Dambell
Sayvio AI
With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.
