Whale Bitcoin remains silent, but traders unload positions in XRP, DOGE, and SOL.

Bitcoin Hovers Near All-Time High as Markets Weigh Summer Calm and Tariff Shifts

Bitcoin closed last week at its strongest weekly level ever, ending just below $110,000, despite a week riddled with potentially disruptive headlines—from dormant whale wallets moving $8 billion in BTC to renewed tariff tensions and subdued trading during the holiday period.

By Tuesday, bitcoin was steady under $108,000 after a brief pullback Monday night. Other major cryptocurrencies faced moderate profit-taking, with Solana (SOL) dropping 2.3% to $149, and dogecoin (DOGE) declining 4.1%. Ether (ETH) hovered close to $2,530, while XRP remained firm around $2.26.

Traditional Markets Seek Direction

Asian equity markets were mixed but avoided a major sell-off after former President Donald Trump indicated he might resume trade talks, delaying new tariffs until at least August 1. The MSCI Asia-Pacific index finished flat, even as South Korea and Japan faced potential trade barriers. Meanwhile, the yen weakened, the Korean won strengthened, and the euro advanced on optimism for a European Union breakthrough.

“Markets are hovering around record highs again,” said Augustine Fan, Head of Insights at SignalPlus.

Fan noted growing anticipation for the start of earnings season:

“Earnings season kicks off this week, and sentiment is being driven by the hope that CEOs guide positively, especially after being blindsided last quarter by sudden tariff headlines.”

Crypto markets continue to move in tandem with equities, with bitcoin’s correlation to the S&P 500 sitting close to local peaks. Fan predicted that unless volatility re-emerges, traders could be looking at “a hot but quiet summer,” though he warned that sudden price spikes remain possible in low-volume conditions.

Bullish Outlook for Bitcoin and Ether

Despite some profit-taking, analysts are optimistic about bitcoin’s potential for further gains.

“Bitcoin is well-positioned to break its previous high in July, with upside potential toward $120,000 by month-end,” said Ryan Lee, chief analyst at Bitget Research, speaking to CoinDesk.

Lee cited strong institutional demand and consistent ETF inflows as drivers of the ongoing rally.

He also expressed confidence in ether’s prospects:

“Ethereum is also gaining strength, supported by sustained whale accumulation and renewed optimism under a crypto-friendly U.S. administration. ETH could test $3,000 by the end of July, though market volatility remains a factor.”

Lee added that expectations of a potential Federal Reserve rate cut in September could offer further momentum for crypto markets later in the year.