Crypto market climbs over the weekend, Bitcoin approaches historical high point

Bitcoin broke through $108,500 over the weekend in a low liquidity environment, just a step away from the historical weekly closing high of $109,000. Analysts point out that Bitcoin is testing the $109,000 liquidity zone, and the core question the market is focused on is whether it can break through this key level and maintain the upward momentum. In the short-term technical view, the 15-minute chart shows a bullish structure of "higher lows," and the MACD indicator has formed a golden cross, indicating that bulls still control the short-term trend.

However, from a long-term perspective, if the historical halving cycles repeat, Bitcoin could reach its bull market peak in September or October 2025. The market is currently entering the final phase of the bull market, with only 2-3 months left. Bitcoin needs to regain and accumulate at the resistance level of $104,400, while the multi-week downward trend line for this range is at $104,881. Although the recent cycle has slowed down, once it enters a rapid upward phase, it could quickly make up for this "extended cycle."

Ethereum outperformed Bitcoin, closing the week above $2500 with a 7-day increase of 12.23%. On-chain data shows a potential bullish trend, and more traders believe that the ETH price may reach $3000 in the near future. The Ethereum ecosystem has also seen a long-awaited revival, with a certain L2 project rising by 17.4%.

Regarding Meme coins, a certain platform has launched a Meme coin creation tool, and since its launch, the platform has gone live with multiple Meme coins. Some of these projects have reached a market capitalization of around $7 million, while others have performed poorly. Additionally, some independent projects have also shown strong performance, such as $MORI, which reached a market cap of $155 million, and $USELESS, which has seen a rise of over 1700% in the past month, with a market cap exceeding $200 million.

In the context of the accelerated integration of traditional finance and blockchain, tokenized stocks have become a new trend. Several crypto trading platforms are rapidly laying out related services, and a brokerage in Hong Kong has also issued the first tokenized securities. However, its incremental value is limited, and challenges such as insufficient liquidity and lack of regulation remain. The dual driving force of stablecoins and tokenized stocks is accelerating the attraction of institutional funds, pushing the crypto market towards a transition to practical value.

As of June 30, 12:00 HKT, the price of Bitcoin is $108,379, and Ethereum is $2,500.45. The Fear and Greed Index is at 52, indicating a neutral level. Approximately 80,000 people were liquidated globally within 24 hours, with a total liquidation amount exceeding $200 million. Bitcoin ETF has seen a net inflow for 14 consecutive days, with a total inflow exceeding $500 million.

In the coming week, the market will focus on macro events such as the U.S. non-farm payroll data and discussions among major central bank governors. Additionally, several crypto projects will experience token unlocks, including a public chain project that will unlock tokens worth approximately $122.8 million.