Bitcoin is trading near $118,500 on Tuesday, easing from last week’s $122,000 peak. Even with the pullback, the surge was enough to push the total cryptocurrency market capitalization above $4 trillion for the first time.
A major driver remains Michael Saylor’s Strategy. Last week, the firm acquired another 155 BTC for $18 million at an average price of $116,401, lifting total holdings to 628,946 BTC—roughly 3% of Bitcoin’s supply and valued at around $46 billion.
This purchase also marked the fifth anniversary of Strategy’s initial August 2020 buy, when it paid $250 million for 21,454 BTC at $11,400 each. Since then, Bitcoin’s price has risen nearly 960%.
While smaller than July’s 21,000 BTC accumulation, the move signals ongoing conviction. Strategy’s uninterrupted five-year buying streak remains a psychological anchor for the market, reinforcing the narrative that corporate treasuries can play a strategic role in long-term Bitcoin demand.
ETF Push and Corporate Holdings Gain Traction
Alongside Saylor’s buying, Trump Media’s renewed spot Bitcoin ETF push has captured attention. The company updated its SEC filing, naming Crypto.com as custodian and Yorkville America Digital as sponsor. The timing aligns with $260 million in net global spot Bitcoin ETF inflows last week—$246 million of which came from U.S. funds.
Trump Media also revealed that $2 billion in Bitcoin now makes up two-thirds of its liquid assets. Combined with ETF demand, these moves remove supply from circulation, creating a favorable supply-demand dynamic for price appreciation.
Macro and On-Chain Tailwinds
The macro backdrop is equally supportive. Markets are pricing in a Federal Reserve rate cut in September, which would likely weaken the dollar and boost risk assets. Trump’s reported preference for Stephen Miran as Fed Chair—a proponent of a softer dollar—adds another potential tailwind.
On-chain metrics confirm rising engagement. Glassnode data shows Bitcoin’s transaction fee volume jumped 10.3% this week, with total transfer volume holding at $8.5 billion. Sustained fee growth signals real network demand rather than purely speculative activity, underscoring the asset’s utility beyond price action.
Ethereum’s 190% rally from April lows to near 2021 levels has also strengthened market sentiment. The concurrent rise of BTC and ETH often draws in broader capital, keeping momentum across top cryptocurrencies synchronized.
Bitcoin (BTC/USD) Technical Levels and Price Structure
Bitcoin is trading at $118,515, down 2.12% in 24 hours, holding above its 50-day SMA at $114,373. Price remains trapped between the $119,335–$123,250 resistance zone and ascending trendline support from July lows.
Bitcoin Price Chart – Source: TradingviewThe daily chart shows:
Resistance: $119,335–$123,250 (23.6% Fibonacci + prior highs) Support: $117,350 (trendline), $113,650, $110,675 RSI: 57.9 – bullish but not overbought MACD: Positive histogram, nearing bullish crossoverUpper-wick rejections near $119,300 suggest short-term seller pressure. A confirmed break above $123,250 could target $127,000 and $130,000. A downside break of trendline support risks a move toward $113,650.
Trade Setup Outlook
Bullish Scenario: Daily close above $123,250 → Targets $127K & $130K; stop-loss below $117,350 Bearish Scenario: Break below trendline → Targets $113,650 & $110,675For newer traders, the key is to wait for confirmation—either a breakout or breakdown—before committing capital, reducing exposure to choppy range-bound moves.
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