- Bitcoin nears its highest monthly close ever at $108K, fueled by strong macro tailwinds and historical bullish chart formations.
- An eight-year chart shows Bitcoin’s cycle of booms and corrections, with institutional adoption playing a major role in recent rallies.
- Geopolitical shifts like the U.S.–China trade deal and rare earth policy changes are accelerating bullish sentiment across crypto markets.
Bitcoin is just a day away from closing its highest monthly candle in history, according to Bitcoin News. At press time, the digital asset trades at $108,038.01 after a sharp $3,392.14 gain within 24 hours. This 3.24% surge comes amid renewed market confidence and strong macro support. Bitcoin’s price remains only 3.5% below its all-time high of $112,000. Besides the technical setup, global geopolitical developments are boosting sentiment across risk-on markets. Hence, this momentum could push Bitcoin toward new records in the coming weeks.
Eight-Year Chart Reflects Bull-Bear Market Rhythm
The current cycle adds another chapter to Bitcoin’s long-term story since 2017. Prices were below $5,000 back then. However, the 2017 rally pushed Bitcoin to $20,000 before a steep correction followed. The 2018 bear market dragged prices to near $3,000.
Source: Bitcoin News
Throughout 2019 and 2020 Bitcoin maintained its position between $5,000 and $10,000 in a horizontal trading pattern. The market remained stagnant until the fourth quarter of 2020. Institutional investors began to adopt Bitcoin rapidly which caused prices to rise. Bitcoin experienced a massive surge during 2021 which pushed its value from $10,000 to exceed $65,000.
However, 2022 reversed gains. Bitcoin fell to $15,000 due to inflation, tightening, and regulatory fears. By 2023, prices rebounded. Bitcoin consolidated between $20,000 and $30,000, forming a base for the current breakout.
2024–2025 Rally Driven by Technicals and Politics
Bitcoin reclaimed bullish structure in late 2024, posting new highs above $112,000. Currently, short-term sellers have emerged, pulling prices slightly lower. However, market structure remains intact. Moreover, technical candlestick patterns still support bullish continuation.
Additionally, political catalysts are adding fuel to the rally. On June 27, President Donald Trump revealed a new U.S.–China trade deal. This deal ended years of trade hostility between the superpowers. Under the Geneva Agreement, China lifted bans on rare earth exports. In exchange, the U.S. eased export and visa restrictions.
As a result, attitudes toward risk improved globally, bolstering cryptocurrency and stocks. Market rallies have been caused by trade de-escalation in the past. Bitcoin and other cryptocurrencies will therefore profit from the geopolitical development.
Moreover, volume spikes support price increases. Active trader participation often precedes large market moves. If Bitcoin breaks above $110,000 again, a retest of $112,000 becomes likely. Altcoins are also set to rally, following Bitcoin’s lead.
