upward trend looks safe for now as the recent drop below $100,000 did not last long, and prices quickly bounced back. Buyers are also feeling more confident because the tariff war has been put on hold again—this time until August 1—giving markets a bit of relief.
The main reason for the strong bull market is steady demand from Bitcoin ETFs. These funds are buying more than what is currently available in the market. Leading the pack is BlackRock (NYSE:)’s iShares Bitcoin Trust ETF (NASDAQ:), which now holds over 700,000 Bitcoins. Meanwhile, Trump Media & Technology Group Corp (NASDAQ:) plans to apply to the SEC to launch its own Bitcoin-focused ETF.
ETF Momentum Steady Even as Growth Slows
In the first half of the year, ETFs continued to see strong inflows, reaching $14.5 billion. Total assets under management by these funds have grown to $128 billion. BlackRock leads the way, holding over 700,000 Bitcoins—worth more than $73 billion.
This strong demand from ETFs is a major driver of the current bull market, especially as it far exceeds the supply. So far this year, miners have added about $7.85 billion worth of new Bitcoins to the market.
Recently, short-term gains have slowed. In the first days of July, gains dropped to $769.6 million, down from $2.2 billion in the last week of June. This slowdown is mainly due to the holiday period, including the July 4 US Independence Day.
With tariffs postponed until at least August 1 and no major economic data expected soon, market activity is likely to remain calm over the next few days.
Bitcoin Technical Analysis
After briefly falling below the $100,000 mark, Bitcoin has rebounded. Buyer demand pushed the price back up, and it is now consolidating near its previous high around $112,000.
The main outlook still points to Bitcoin moving higher. If buyers push the price to new highs, the next round-number levels will likely become the next targets. On the downside, the key support remains the psychological level of $100,000. If that level is broken, it could trigger a deeper pullback before any recovery.
Ethereum Sets Sights on Key Resistance
In mid-June, faced a drop that confirmed strong resistance around the $2,900 level. Since then, buyers have recovered more than half of those losses, suggesting that the main target now is a retest of that $2,900 resistance.
If Ethereum can break above the $2,900 level with strong momentum, it could clear the path toward the next key level at $3,000. If overall market conditions stay positive—especially with support from Bitcoin—Ethereum may have a chance to break out of its multi-month slump, with $4,000 as a longer-term target.
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