BTC price in 'crisis mode' at $123K: 5 things to know in Bitcoin this week

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Bitcoin (BTC) makes past arsenic the 3rd week of July begins supra $120,000 per coin.

BTC terms spot shows nary signs of reversing arsenic $123,000 appears for the archetypal clip aft the play close.
July gains stay modular successful percent presumption contempt the elephantine US dollar figures.
US CPI week dawns with a unreality hanging implicit the destiny of Fed Chair Jerome Powell.
US shortage woes are driving Bitcoin relentlessly higher, investigation says — and the full concern is thing but “normal.”
Bitcoin dominance is showing weakness and altcoins are much than blessed to prime up the slack.

Bitcoin traders oculus adjacent BTC terms apical levels

Celebrations are everyplace this week arsenic BTC/USD passes $120,000 for the archetypal time successful a elephantine surge higher.

All-time highs present beryllium astatine $122,600, with the play candle locking successful $10,000 of upside, information from Cointelegraph Markets Pro and TradingView confirms.

After 2 months of consolidation, terms find came heavy and fast, but commentators are already wondering however overmuch substance is near successful Bitcoin’s tank.

“It's taken 44 months for this monolithic Cup & Handle signifier to make connected the $BTC chart, and terms is present conscionable 2% distant from the people I identified successful May 2024 erstwhile the cupful archetypal formed,” Keith Alan, cofounder of trading assets Material Indicators, wrote successful portion of a post connected X.

Alan acknowledged that “a batch has changed" since then, and Bitcoin is successful a wholly antithetic spot arsenic a macro asset.

“Hence, I judge terms volition spell higher earlier we scope the rhythm top,” helium added.

Among traders, upside targets likewise look limited, with fashionable pundit BitQuant sticking to his $145,000 goal.

Coming Soon https://t.co/WsVESAqNVK

— BitQuant (@BitQua) July 4, 2025

“$BTC is going to deed $135,000 successful Q3,” chap trader Cas Abbe continued.

“A beardown play adjacent supra $107.7K was needed and it happened past week. After that, $BTC pumped $10,000 successful conscionable a week and inactive showing nary signs of exhaustion. I deliberation a rally to $120K, followed by immoderate consolidation and past a pump to $135,000 is highly likely.”

A July similar immoderate other?

While awesome successful US dollar terms, percent gains for BTC/USD adhd immoderate much-needed discourse to the rally.

Bitcoin is up by conscionable nether 14% successful July truthful far, making its show successful information reasonably typical.

🔥 BULLISH: Bitcoin is forecast to deed a caller all-time precocious successful July, arsenic humanities information shows beardown risk-asset returns this month. $BTC has ne'er mislaid implicit 10% successful July and the S&P 500 posting gains 10 years successful a row. pic.twitter.com/PQZHyknOHy

— Cointelegraph (@Cointelegraph) July 1, 2025

Data from CoinGlass shows that July has spawned gains of much than 20% successful the past decade, portion Q3 show has been adjacent much varied.

August, connected the different hand, often ends up arsenic a “red” month.

The bulk of terms show tends to hap sooner alternatively than aboriginal successful the monthly candle. The improvement is besides existent of different assets beyond crypto — including US stocks.

“July tends to beryllium a beardown month, but astir of those gains hap the archetypal fractional of the month,” Ryan Detrick, main marketplace strategist astatine Carson Group, wrote astir the S&P 500 connected X this weekend.

“Not extremity of satellite worldly here, but immoderate consolidation astatine immoderate constituent the adjacent 2 weeks would beryllium perfectly normal.”

In a abstracted post, Detrick noted grounds gains for the S&P successful May and June this twelvemonth portion drafting comparisons to 1987, the twelvemonth of the Black Monday clang successful October.

The 11.4% summation for the S&P 500 this yr successful May/June is the largest summation ever during these historically anemic months

>5% (and higher) successful some months lone 9 times

Incredibly, it has happened the past 3 yrs

Yes, 1987 is here, but each successful all, this isn't a crushed to crook bearish pic.twitter.com/zXxNnJEvlP

— Ryan Detrick, CMT (@RyanDetrick) July 13, 2025

CPI week comes arsenic Fed’s Powell faces calls to resign

A cardinal week for US ostentation information sees the June people of the Consumer Price Index (CPI) and Producer Price Index (PPI) nether the microscope.

Initial jobless claims and June import prices adhd to the mix, with speaking appearances from elder Federal Reserve officials passim the week.

— Cointelegraph (@Cointelegraph) July 14, 2025

Two weeks retired from the Fed’s adjacent gathering connected involvement rates, ostentation information is gaining value for markets. Sentiment inactive believes that rates volition not travel down earlier September, arsenic confirmed by CME Group’s FedWatch Tool.

At the aforesaid time, Fed Chair Jerome Powell, who has maintained a hawkish economical stance, is nether expanding unit to bash truthful by US President Donald Trump.

“I telephone him ‘Too Late;’ he’s ever excessively late,” Trump told reporters connected July 13, referring to the gait astatine which the Fed cuts rates, which helium considers should beryllium the lowest worldwide.

“You’re telling maine he’s going to quit; I anticipation helium quits, but helium should quit, due to the fact that he’s been precise atrocious for the country,” Trump continued.

As Cointelegraph reported, immoderate Fed sources person revealed openness to lowering rates this month, including Vice Chair for Supervision Michelle Bowman, who volition instrumentality to the signifier again connected July 15.

US indebtedness sparks Bitcoin ”crisis mode”

Behind the ostentation debate, however, a bigger US macro menace is taking signifier — 1 which investigation straight links to Bitcoin’s outperformance versus different assets this month.

The US shortage is ballooning, with May representing the third-highest monthly fig ever astatine $316 billion.

For each the buzz implicit commercialized tariffs and reining successful expenses, the US continues to get much successful indebtedness — arsenic shown by its record nationalist indebtedness figure.

Analyzing the situation, trading assets The Kobeissi Letter did not mince its words.

“This is not a ‘normal.’ We person reached a constituent wherever Bitcoin is moving successful a literal STRAIGHT-LINE higher,” it summarized successful an X thread connected July 14.

“Rates are rising, the USD is down -11% successful 6 months, and crypto is up +$1 TRILLION successful 3 months. What's happening? Bitcoin has entered ‘crisis mode.’”

Kobeissi highlighted 2 cardinal inflection points for Bitcoin and US dollar weakness: the April reciprocal tariffs hold and Trump’s “Big Beautiful Bill” passing this month.

“And, it seemed that Bitcoin was rallying connected commercialized woody hopes,” it continued.

“But, whether commercialized deals were announced oregon not, the marketplace was seeing the aforesaid outcome: Yields are rising, Bitcoin is rising, the USD is falling, and golden is rising. This simply is not a ‘normal’ situation.”

Global macro tailwinds person long been tipped to payment BTC, with M2 wealth proviso entering caller territory earlier this month.

— Cointelegraph (@Cointelegraph) July 3, 2025

The conflict for Bitcoin dominance heats up

Bitcoin’s dominance of the full crypto marketplace headdress its changing people — and with it hopes that altcoins volition capitalize connected the the spread near behind.

After touching 66% astatine the extremity of June, BTC dominance has fallen beneath 65%, concisely hitting one-month lows earlier rebounding.

Bitcoin’s beingness is astatine a important stage. As Cointelegraph reported, humanities patterns amusement that erstwhile dominance reaches astir 70%, its uptrend reverses, giving mode to what is popularly known arsenic “altseason.”

Once $BTC.d - Bitcoin dominance tops we volition spot definite alts tally similar crazy.

Make definite to presumption yourself wisely. A fewer months tin virtually alteration your full life. pic.twitter.com/qb34RAN8rl

— Crypto Caesar (@CryptoCaesarTA) June 30, 2025

So far, however, this rhythm has fixed alt traders precious small relief.

“I cognize BTC dominance has taken a hit, but I deliberation dominance volition beryllium higher by precocious October (similar to 2017, 2019, 2023, 2024 etc.),” Benjamin Cowen, laminitis and CEO of analytics assets Into The Cryptoverse, predicted this week.

Popular trader and expert Rekt Capital nevertheless sees immoderate aboriginal signs of a turnaround.

“Bitcoin Dominance simply dipped -2.5% and plentifulness of Altcoins are powerfully performing. It doesn't instrumentality much,” helium argued astatine the weekend.

“One tin lone ideate what volition hap erstwhile $BTC Dominance yet experiences double-digit downside.”

Commentator Matthew Hyland held akin ideas.

“BTC dominance hasn’t adjacent sneezed and Alts are ripping,” helium told X followers past week.

On play timeframes, respective large altcoins basal out, beating Bitcoin’s gains. These see largest altcoin Ether (ETH), up astir 20% successful 7 days to instrumentality supra $3,000 for the archetypal clip since February.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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