Bitcoin jumps from $116K to $121K as Strategy resumes buying, but analysts warn of a short-term pullback due to low volume.
Bitcoin price reached a new all-time high (ATH) of $121,007 on the weekend with high trading volume. This took place amidst a 23% jump in daily trading volumes, which represents a nearly 3% rise in less than a day, as per CoinMarketCap.
Earlier in the day, Bitcoin had been trading at around $116,000. Reports suggest that the price surge can be connected to the Strategy of Michael Saylor, which has resumed Bitcoin buying after a short break. Bitcoin is now nearly 10% higher on the weekly chart, bringing its market cap to $2.4 trillion.
Some analysts are, however, cautious. According to Joao Wedson, the CEO of Alphractal, the rally has been occurring on low volume, which may experience a short-term pullback.
Concurrently, Ethereum (ETH) reached a new high of over $3,000 in months, and altcoins such as HYPE reached an all-time high of $48.78, rising 7% in 24 hours. XRP and ADA also registered good 6% gains.
Further, the Crypto Week 2025, which will be held between July 14-17, has also added to the market hype. Three major bills, the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act, are set to be reviewed by the U.S. lawmakers.
Analysts believe a “yes” vote on these bills could significantly boost crypto adoption. Investor confidence is high, even though House Democrats made a last-minute effort to initiate an Anti-Crypto Corruption Week.
The overall crypto market cap at press time is $3.71 trillion, with a 3% increase in the last 24 hours, and Bitcoin is leading the surge.