Bitcoin (BTC) is just one step away from its all-time high after setting another historical weekly closing.

Bitcoin traders are focusing on the return of price discovery and the "false move" at $105,000 to gain liquidity.

The weekly close marks July as a record month, with the "final resistance" becoming the next task for the bulls.

U.S. trade tariffs are the macro topic of the week, while a weak dollar continues to drive a rebound in risk assets.

Bitcoin funding rates are declining as prices rise, potentially leading to a short squeeze.

Investor greed is rising, and despite macro risks, the Fear and Greed Index remains in the "extreme" zone.

After long-dormant BTC wallets were reactivated after 14 years, Bitcoin rebounded at the beginning of this week following a weekend of weakness.

Data from Cointelegraph Markets Pro and TradingView indicates that with Wall Street's return, price action is centered around the $109,000 mark.

After turning the key $108,000 level into support, BTC/USD is increasingly convincing traders that new all-time highs are imminent.

$BTC / $USD - Update Holding the highs. Just waiting now for the ATH push .. pic.twitter.com/JRyhA4XEOv

Feel it in my flippers that we see $BTC at ath this week The market, especially ETH and BTC both have a lot of tailwinds so far (barring anything unexpected) pic.twitter.com/oYUcDdxsiv

“$BTC has a probability of over 80% of setting a monthly high or low within its first 12 days.” Noted trader Daan Crypto Trades pointed out in his latest analysis. “Then typically, a reversal trend occurs based on that high or low, resulting in a significant fluctuation of over 20%.”

Trading resource Material Indicators noted that the return of price discovery is currently blocked by sell order liquidity at $110,000.

Monitoring resource CoinGlass confirmed that $110,000 is a key level for an upward breakout, while buy orders are queued at $107,800.

“When prices consolidate, the liquidation targets are very strong. They often act as magnets for price.” Trader CrypNuevo continued in a thread on X on July 6.

CrypNuevo identified another liquidation target close to $105,000, as this level coincides with the 50-day Exponential Moving Average (EMA), suggesting a potential move towards that area.

“The main individual liquidation level is at $105.2k. Therefore, I wouldn’t be surprised to first see a false move to this area, aligning with the 1D50EMA.” He explained, describing such a low point as a “good entry point.”

Driven by U.S. macroeconomic headlines, Bitcoin achieved another record weekly close on July 6.

With a closing price of around $109,240 on Bitstamp, BTC/USD continued to develop on the previous rebound, erasing an entire week of declines.

Thus, the pair rose 1.8% in the first week of July, adding to the previous month’s 2.8% increase.

In response, some crypto market participants are very optimistic, with well-known commentator Matthew Hyland believing that the bulls are now “in control.”

BTC completes highest weekly candle close ever Bulls are in control pic.twitter.com/Og4YzCFiQm

In a separate analysis on X, Hyland summarized that he “must lean towards new all-time highs continuing in July.”

Before the event, well-known trader and analyst Rekt Capital stated that a new record close would be the “real key.”

“Bitcoin did it,” he later confirmed. “Bitcoin just closed the week above the final major weekly resistance (red), setting its highest weekly close ever. Bitcoin's current goal is to turn this final resistance into support to push prices to new all-time highs.”

Federal Reserve rate watchers will gain more insights into the recent decision to maintain rates at current levels in the minutes from the June meeting to be released this week.

In a generally calm week for U.S. macroeconomic data, attention remains focused on Fed policy, which significantly diverges from government demands.

U.S. President Donald Trump has particularly clear opinions on lowering rates from the current 4.25% to 1%, personally criticizing Fed Chair Powell.

The weekend's renewed discussion around U.S. international trade tariffs highlighted the divergence between Trump and the Fed. Powell has repeatedly linked tariffs to inflationary pressures during the June rate meeting and on other occasions.

Now, with the deadline for reciprocal tariffs pushed from July 9 to August 1, the market has only a brief respite on this issue.

“The market has been pricing this in for weeks,” trading resource The Kobeissi Letter partially noted in a recent analysis, pointing out that many countries have yet to engage with the U.S. to negotiate trade agreements.

In the latest version of its regular newsletter “The Market Mosaic,” trading firm Mosaic Asset linked the strong performance of risk assets in the face of inflation uncertainty to a weak dollar.

“Another catalyst for rising risk appetite in the stock market is the U.S. Dollar Index (DXY),” it informed readers about the “tailwinds” for risk assets. The dollar has fallen over 10% this year, making 2025 the worst start for the DXY since 1973.”

Other key events this week include initial jobless claims and speeches from senior Fed officials, including Christopher Waller's speech about its balance sheet at the Dallas Federal Reserve Bank and the Dallas/Fort Worth World Affairs Council on July 10.

The record weekly close for Bitcoin has raised familiar skepticism among some traders, which could lead to another surge.

On-chain analysis platform CryptoQuant's new commentary noted that as BTC price trends improve, funding rates are declining.

“As BTC enters a bullish trend, the decline in funding rates indicates that Binance users are increasingly opening short positions. In other words, many traders are not participating in this rebound but are going against it.” Writer BorisVest stated in a July 6 “Quicktake” blog post. “This mismatch between price direction and market sentiment often leads to forced short liquidations or margin calls, providing momentum for the rise.”

As Cointelegraph reported, large-scale liquidations of BTC short positions have characterized the market in recent months, as BTC/USD seeks liquidity on both sides of the order book.

“Short positions on Binance Futures are increasing, indicating that many traders view the current rebound as an opportunity to sell,” BorisVest acknowledged.

Last week, Cointelegraph pointed out that historically significant price increases have occurred due to negative funding rates.

Bitcoin's historical highs reflect the frenzy in U.S. stocks, but the macro environment could hardly be more uncertain.

The widening gap between market sentiment and economic reality is reflected in sentiment indices for both traditional finance and cryptocurrency.

According to the latest data from CNN's Fear and Greed Index, despite tariff issues, inflation risks, and geopolitical tensions, traditional financial investors are currently in an “extreme greed” state.

As of July 7, when this article was written, the index measured 78/100.

“Investor sentiment and positioning reached extremely bearish levels during the April stock market lows. This was a key catalyst for driving the stock market bottom and rebound,” Mosaic Asset wrote in the phenomenon. “Despite the S&P 500 rebounding to new highs, the shift in sentiment in the other direction has been slow. According to multiple measures of investor fear and greed, this situation is now beginning to change.”

The cryptocurrency equivalent of the index shows similar trends, with the Crypto Fear and Greed Index at 73/100, the highest point since the end of May, rising 6 points within 24 hours.

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Original article: “False move to $105K? 5 things to know about Bitcoin (BTC) this week”

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