2 Factors Why Bitcoin is Currently Breaking New Records
Bitcoin climbed 3.86% over the past 24 hours, reaching $113,405, as investors responded to President Donald Trump’s calls for aggressive Federal Reserve rate cuts and continued momentum from institutional buying.
The rally marks a key technical breakout, positioning BTC to challenge higher resistance levels.
Trump’s July 9 remarks, in which he advocated for the “biggest rate cut in history,” triggered a 2.1% BTC jump within hours. Traders interpreted his comments as bullish for liquidity-sensitive assets, driving capital back into risk-on markets. Bitcoin’s 30-day correlation with the Nasdaq surged to +0.74, underscoring the asset’s sensitivity to macroeconomic signals.
Institutional demand continued to pour in through spot Bitcoin ETFs, with $450 million in net inflows recorded on the same day. These inflows helped absorb the profit-taking pressure that followed BTC’s push to new all-time highs.
On the technical side, Bitcoin closed above its 7-day simple moving average at $109,103 and also breached the Fibonacci 127.2% extension level near $115,635. Trading volume rose over 52%, confirming strong buying momentum. Indicators such as the MACD histogram, which stood at +289, and the RSI at 62.54, point to sustained upside potential without immediate overbought conditions.
Bitcoin dominance rose to 64%, reflecting a broader risk appetite across the crypto market. However, a resistance zone near $115K remains key, with more than 8,900 BTC in sell orders currently clustered at that level.
If Bitcoin holds above $113K, market attention may shift toward altcoins. Traders are watching for potential capital rotation into smaller assets as BTC stabilizes near its highs.
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