Bitcoin fell slightly below $109,000 on Monday, after recording its highest weekly close in history. Institutional and corporate demand continues to drive upward momentum, as Metaplanet announced the purchase of 2,205 bitcoins on Monday, while U.S.-listed spot Bitcoin ETFs registered over $769 million in net inflows last week.
Institutional and corporate demand remains strong
Bitcoin closed at $109,203 on Sunday, marking the highest weekly close on record, driven by strong institutional demand.
According to SoSoValue data, spot Bitcoin ETFs saw $769.60 million in inflows last week, the fourth consecutive week of positive flows since mid-June. If this pace continues or accelerates, Bitcoin may be able to reach or surpass its previous all-time highs.
Corporate demand also remains strong. Japanese investment firm Metaplanet announced on Monday the purchase of an additional 2,205 BTC, bringing its total holdings to 15,555 BTC. Meanwhile, Blockchain Group confirmed the acquisition of 116 BTC, bringing its total to 1,904 BTC.
Trump administration may extend tariff freeze to August 1
Markets began the week in risk-off mode as investors assessed the latest developments surrounding U.S. tariff policy.
According to The Kobeissi Letter on Sunday, Treasury Secretary Scott Besant said President Donald Trump will impose “April 2-level” tariffs on countries that have not signed trade agreements with the U.S., starting August 1. This suggests a possible extension of the current tariff freeze from July 9 to August 1.
This news may have a mixed impact on risk assets like Bitcoin: while a delay may relieve immediate pressure, it also prolongs market uncertainty.
Meanwhile, U.S. macroeconomic data last week showed non-farm payrolls (NFP) increased by 147,000 in June, beating expectations of 110,000 and up from 144,000 in May. Unemployment also fell unexpectedly to 4.1%, compared to expectations of 4.3% and May’s reading of 4.2%.
This data weakened expectations of an imminent and aggressive rate cut by the Federal Reserve, reinforcing a cautious outlook for upcoming policy moves.
Traders now await the release of the Fed’s June meeting minutes on Wednesday for clearer signals on the next monetary policy step.
Musk’s “America Party” embraces Bitcoin
Elon Musk announced that his new political party, the America Party, will support Bitcoin.
When asked on X whether the party would embrace Bitcoin, Musk responded: “Fiat currency is hopeless, so yes.”
Bitcoin price outlook: Will new highs follow?
Bitcoin rebounded on Sunday after retesting the upper edge of a previous consolidation zone at $108,355. On Monday, BTC is trading near the $109,000 mark.
If upward momentum continues, the rally may extend toward the all-time high of $111,980 recorded on May 22.
The Relative Strength Index (RSI) on the daily chart shows a reading of 57, above the neutral 50 mark, signaling bullish momentum.
The MACD also displays a bullish crossover, with rising green histogram bars above the neutral level, reflecting a positive trend.
However, if Bitcoin faces a pullback and closes below the $108,355 support, the decline may extend to test the lower boundary of the previous consolidation zone at $105,333, which aligns closely with the 50-day Exponential Moving Average (EMA) at $105,158—making this area a key support zone for Bitcoin.
