Bitcoin has finally burst through the $107,000 mark after spending days stuck in a mostly sideways trading pattern. The recent surge seems to be fueled by steady institutional buying and a touch of optimism that often accompanies the start of July.
As of July 2 at 7:30 UTC, Bitcoin (BTC), the world’s biggest cryptocurrency by market cap, is trading at around $107,111, according to data from crypto.news. Over the past 24 hours, it’s edged up by about 0.2%.
So far, BTC has comfortably held above the $107,000 level, dipping only briefly to $106,982 before bouncing right back.
Looking at the bigger picture, Bitcoin has been showing signs of a slow, steady rally. It’s up 0.44% over the past week and about 2% over the last two weeks.
The price surge has also given a boost to trading activity. Bitcoin’s daily trading volume has jumped by 22.8% compared to the previous day, hitting $26.8 billion in the past 24 hours. This uptick signals renewed interest and livelier market action.
Institutional Buying and a Weak Dollar Drive Momentum
The last time Bitcoin managed to climb above $107,000 and even spike beyond $110,000 was back on June 10. But that rally got cut short when geopolitical tensions between Iran and Israel flared up, and the U.S. Federal Reserve took a cautious approach to interest rate cuts.
This time around, Bitcoin’s upward momentum seems to be driven largely by institutional investors. Big names like Michael Saylor’s MicroStrategy and other firms following a similar “Bitcoin treasury” strategy have been steadily accumulating BTC, giving the market strong support.
Another factor giving Bitcoin a boost is the weakening U.S. dollar. The dollar index has fallen 10.8% so far in 2025, according to a report from Al Jazeera. As the dollar loses strength, assets like Bitcoin and gold become more attractive as alternative stores of value.
Could July Push Bitcoin Even Higher?
Analysts at Matrixport believe the best might still be ahead. They predict Bitcoin could hit a new all-time high this month, possibly climbing as high as $116,000. Their outlook is based on Bitcoin’s historical tendency to perform strongly in July.
For example, back in July 2020, Bitcoin saw gains of nearly 24%. The two years that followed also brought solid returns. Overall, July has delivered average gains of over 9.1% for Bitcoin historically.
“This creates a clear risk or reward skew to the upside as we head into July,” Matrixport analysts noted.
Interestingly, just a day ago, crypto.news reported that Bitcoin was stuck in a resistance zone and flashing signals of a potential bearish divergence. But since then, the price has rebounded and is now steadily climbing above the $107,000 mark.
As traders settle into July, all eyes will be on whether Bitcoin can finally leave its period of stagnation behind and push toward new highs. For now, momentum and history seem to be on its side.
