Bitcoin Price Analysis: BTC Struggles To Gain Momentum, Hovers Around $118,500
Bitcoin (BTC) rebounded during the ongoing session, recovering from a low of $117,142 to reclaim $119,000 as it attempts to reclaim $120,000. The flagship cryptocurrency has struggled to build momentum this week, trading between $116,000 and $120,000.
BTC is marginally up during the ongoing session, with the price hovering around $119,000.
Block Joins S&P 500
Jack Dorsey’s Block joined the S&P 500 index on Wednesday. Block is the third public company with Bitcoin (BTC) holdings to join the global benchmark. The company currently holds $8,584 BTC, worth around $1 billion at current prices. Block shares on the New York Stock Exchange (NYSE) have risen 14% since it announced it would join the S&P 500. The S&P 500 tracks the largest publicly-listed US companies, including Tesla and Coinbase.
Genius Group Boosts Bitcoin (BTC) Holdings
Singapore-based AI edtech firm Genius Group purchased 20 BTC last week, boosting its total holdings to 200 BTC. The acquisition is part of the company’s strategy to build a 10,000 BTC reserve. According to a statement issued by the company, Genius Group acquired 20 BTC at an average price of $106,812 per coin. With a purchase price of $2.14 million, the company has already made a profit of $216,000 on its investment.
The acquisition is part of a series of Bitcoin purchases by the company. Genius Group purchased 20 BTC on July 2 and another 28 BTC on July 8. Another acquisition of 32 BTC followed on July 13, according to data from Bitcoin Treasuries. The company’s acquisitions have doubled its Bitcoin stash to 200 BTC. Genius Group plans to increase its Bitcoin holdings to 1,000 BTC by the end of 2025 and to 10,000 BTC within the next two years. The company added that the passage of the GENIUS Act will help speed up its blockchain-based education initiatives. Genius Group also plans to apply for a permitted payment stablecoin issuer (PPSI) license under the new US rules. It will also apply for a separate license for a non-bank digital asset service provider. (DASP).
UK Firm Sets National Record For Bitcoin Treasury Raises
London-based artificial intelligence company Satsuma Technology raised 100 million British pounds ($135 million) for its Bitcoin treasury, setting a national record. The company stated in an announcement that it had “successfully closed the book on the raise materially in excess” of the $135 million target. If Satsuma uses the entire amount to purchase Bitcoin, it would become the second-largest holder of the asset in the UK behind The Smarter Web Company, which holds 1,600 BTC, worth around $190 million.
Satsuma Technology raised the funds through a secured convertible loan note offering. Fortified Securities was the lead broker for non-US investors, while Dawson James Securities was the mandated broker for US-based investors. Satsuma Technology Chairman Matt Lodge stated,
“The funding will enable us to both accelerate the growth of our business operations as well as position us at the forefront of the Bitcoin community.”
CEO Henry Elder added,
“This successful capital raise marks a pivotal moment, not just for Satsuma, but for the London market.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is struggling to build momentum as it continues to trade between $116,000 and $120,000. The flagship cryptocurrency has traded sideways all week as markets wait for a catalyst to dictate price action. Edul Patel, co-founder and CEO of Mudrex, stated,
“With major events like the FOMC meeting, US Treasury’s borrowing plans, and Trump’s tariff proposals ahead of us, July’s last days could shape market sentiment for the rest of the year.”
Meanwhile, some analysts predict that BTC is due for a massive short squeeze, as Bitcoin dominance surges to 62%. Market data shows the price dropping to local lows, while data from CoinGlass confirms a buildup of overhead liquidity above the spot price. Such liquidity clusters have a magnet effect, and late entrants are often punished by quick moves up or down. Popular trader and investor Mister Crypto stated,
“Bitcoin liquidity is piling up on the topside. A massive short squeeze is inevitable!”
Another trader stated that a short squeeze was the obvious next step, stating,
“$BTC is still stuck within this range. Lots of positions on both sides now. Eyes on those liquidity clusters below $115K & $120K. Would assume price wants to take both of those out at some point.”
BTC has mostly stayed around $118,000-$119,000 this week as the crypto market capitalization reaches record levels. However, traders and analysts believe the real test for the asset will come during the last week of July as macroeconomic policy events collide with an intense legal battle over President Trump’s tariffs. Felix Juavin, host of Forward Guidance, stated on X,
“The last few days of July will set the stage for markets for the rest of the year, imo. FOMC meeting where dovish dissents are looking very likely. QRA meeting where we will get a look at how willing Bessent is going to be to try to weaponize treasury issuance for the first time since being chair. Tariff letter deadlines. The Supreme Court will begin deliberating on whether tariffs via executive order are legal or not. No big edge on either side right now personally, will just react once we get clarity. Stay frosty.”
BTC started the previous week on a bullish note, racing past $120,000 and reaching a new all-time high of $123,091. It lost momentum after reaching this level and settled at $119,716. Bearish sentiment returned on Tuesday as BTC plunged to an intraday low of $115,701 before recovering to reclaim $117,000 and settling at $117,682, ultimately falling 1.70%. It recovered on Wednesday, rising 0.82% and settling at $118,641. The price faced volatility on Thursday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC rose 0.39% to cross $119,000 and settle at $119,101. Selling pressure returned on Friday as the price fell 1,03%, dropping to a low of $116,805 before settling at $117,877.
Source: TradingView
Price action remained bearish over the weekend as BTC registered a marginal decline on Saturday and fell 0.48% on Sunday to settle at $117,240. The price raced to an intraday high of $119,603 on Monday. However, it lost momentum after reaching this level and settled at $117,402, ultimately registering a marginal increase. Bullish sentiment intensified on Tuesday as BTC rallied, rising over 2% to cross $119,000 and settle at $119,982. The flagship cryptocurrency lost momentum on Wednesday, dropping 0.99% to a low of $117,303 before reclaiming $118,000 and settling at $118,794. The current session sees BTC marginally down, trading around $118,501.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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