Why is BTC’s price up today?
Bitcoin rose 1.73% in 24h to $118,131, driven by institutional optimism, technical momentum, and macro catalysts.
- Institutional confidence from BlackRock’s CEO endorsement and Peter Brandt’s $200K price target
- Technical breakout above key moving averages and Fibonacci levels
- Macro tailwinds from Fed rate cut hopes and UK’s $7B BTC seizure news
1. Primary catalyst: Institutional validation
- BlackRock CEO Larry Fink publicly endorsed Bitcoin as a “legitimate financial asset” (BlackRock), reinforcing institutional demand.
- Veteran trader Peter Brandt raised his BTC price target to $200K by August 2025 (Peter Brandt), amplifying bullish sentiment.
2. Technical context
- Price holds above critical SMAs:
- 30-day SMA ($113,544)
- 200-day EMA ($98,174)
- RSI 14 at 59.32 suggests balanced momentum (neutral-bullish zone).
- Fibonacci retracement shows support at $116,240 (38.2% level) held during intraday dips.
3. Market dynamics
- UK’s $7B Bitcoin seizure sparked supply scarcity narratives despite no immediate sell-off (UK Treasury).
- Fed rate cut optimism grew ahead of July 30 FOMC meeting, with traders pricing in 68% chance of 25bps cut (FedWatch).
Conclusion
Bitcoin’s 24h gain reflects a confluence of technical strength, institutional validation, and macro liquidity hopes. While short-term resistance looms near $118,859 (23.6% Fib), the alignment of whale accumulation and policy tailwinds suggests upside potential. Could Bitcoin’s price stability above $118K trigger a liquidity squeeze toward $122K?
