Bitcoin remains within touching distance of ATH, and the institutions are buying
📈 Bitcoin holding steady – BTC remains around $108,923, showing little price movement as long-term holders dominate and profit-taking declines.
🚀 Others on the move – Ethereum gained over 2% overnight, while others like Dogecoin saw gains of 5% or more, with most altcoins trending upward within the 2–5% range.
🏦 Institutional buying continues – Metaplanet now holds 15,555 BTC after purchasing another 2,205 BTC, reflecting growing corporate interest.
📉 Fed rate cut watch – Markets await FOMC minutes on Wednesday for signs of potential interest rate cuts, possibly starting in September.
The market continues to drift, as some analysts note that the majority of Bitcoin investors are holding onto unrealised profits. Glassnode states: “HODLing appears to be the dominant market mechanic across a plethora of spending metrics, with realised profit-taking declining, liveliness continuing to trend downwards, and Long-Term Holder supply surging to a new all-time high.” This helps explain Bitcoin’s current price of $108,923, which has remained mostly flat since yesterday and last week. Ethereum has shown more movement, gaining over 2% overnight, while altcoins like Dogecoin (DOGE) are up more than 5%. Most cryptocurrencies are currently trading within a 2% to 5% gain range over the past 24 hours.
Institutional interest continues to build, with the latest move coming from Metaplanet, which has added 2,205 BTC to its holdings, bringing its total to over 15,555 BTC as part of its treasury strategy.
In macro news, investors continue to speculate on when the Federal Reserve will make its first interest rate cut. Goldman Sachs forecasts this could happen in September, followed by another cut in October. More clarity may come on Wednesday when the Federal Open Market Committee (FOMC) releases the minutes from its last meeting. Will there be clues? Despite ongoing geopolitical uncertainty, Bitcoin and other cryptocurrencies have remained resilient, and many analysts are watching closely to see how the market reacts when the Fed finally eases monetary policy.
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.36 trillion, up 0.92% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $108,937, up 0.71% in the last 24 h
Daily high: $109,574
Daily low: $107,876
📈 S&P 500 ↗️
SPY is currently up about 0.83% since yesterday’s close.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 52/100, indicating a neutral sentiment among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 53, still in the neutral zone (30–70).
Data is accurate as at 07:58 GMT, 7 July.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
