Bitcoin Treads Water on Independence Day

The leading cryptocurrency has been stuck at the same price all week despite multiple macroeconomic events that many believe should have catalyzed positive price action.

Fourth of July Lull: Bitcoin Shows Little Movement

Traditional markets were closed for U.S. Independence Day, and although crypto markets never sleep, bitcoin ( BTC) appears to have been in deep slumber all week. The cryptocurrency has stalled at $107K and has been largely unresponsive to multiple macroeconomic developments that have triggered rallies in the stock market.

U.S. President Donald Trump inked a trade deal with Vietnam, the economy added 147,000 jobs, unemployment fell, the “One Big Beautiful Bill” (OBBB) was successfully passed, and the U.S. House of Representatives designated the week of July 14 as “Crypto Week.”

Stock markets reached multiple all-time highs, and despite a 60% correlation with the S&P 500 according to Newhedge at the time of writing, BTC was mostly on the sidelines. Sure, there were a few spikes along the way. After all, the cryptocurrency still has higher volatility than many traditional assets. But for the most part, bitcoin has simply been treading water.

Overview of Market Metrics

Bitcoin’s price bounced between $107,390.46 and $110,039.68 over the past 24 hours and was trading at $107,847.27 at the time of reporting, down 1.5% since yesterday, according to Coinmarketcap. However, the cryptocurrency is up slightly by 0.53% for the week.

( BTC price / Trading View)

Trading volume fell 23% to $43.31 billion, partly due to the Independence Day holiday. Bitcoin’s market capitalization also fell 1.49% to $2.14 trillion, but BTC dominance ticked up by 0.02% to 65.52%.

( BTC dominance / Trading View)

Total BTC futures open interest tumbled 4.26% to $73.20 billion over 24 hours, according to Coinglass. Liquidations for leveraged positions came up to $47.22 million in total since yesterday, but this time, it was the bulls whose long positions were liquidated at a higher rate. Roughly $42.66 million in longs was wiped out versus only $4.56 million in shorts.