Bitcoin Hits Record Weekly Close, Next Stop $112K?

Bitcoin just made history by closing the week at $109,200, its highest weekly close ever. This is a strong sign that the bull market is still going strong, despite recent ups and downs in the crypto market.

For months, some experts predicted the market was heading for a long downturn. But the charts and market signals continued to show strength. Important support levels held firm, large investors kept buying, and overall market liquidity kept rising.

What’s Happening Now?

At the moment, Bitcoin is trading around $109,428. The market has been moving sideways for the past few days, with Bitcoin bouncing between important price zones. To start a new upward rally, the price needs to break past $112,000. If that happens, Bitcoin could enter price discovery mode, where new record highs are possible.

The price indicators show there’s still room for growth, and Bitcoin’s momentum remains positive. While the market isn’t likely to jump straight to new highs overnight, a steady climb is expected, followed by periods of correction and consolidation.

Key Price Levels to Watch

• Resistance: $110,000 to $112,000
• Support: $103,000 to $105,500

As long as Bitcoin stays above its support levels, the market remains in a healthy position. A break above $112,000 could open the doors to the next big rally.

Why This Matters Now

This strong weekly close comes at an important time. The U.S. Congress is preparing for Crypto Week starting July 14, where important crypto laws and market rules will be discussed. These decisions could bring new clarity for crypto markets and attract large amounts of money from investors.

Many expect a possible rally in late July, a dip in August, and another strong move in September or October.