After last doing so in May, Bitcoin finally hits a new record high. The Daily Breakdown dives in and takes a closer look at the charts.
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Thursday’s TLDR
- BTC hits new record high
- Other cryptos gain momentum
- NVDA tops $4 trillion market cap
What’s Happening?
Yesterday, we asked “Can Crypto Lead the Risk-On Rally?”
At least for now, that answer appears to be yes. That’s as Bitcoin jolted back to a record high on Wednesday afternoon, but it was the alts that really got a boost of momentum.
Ethereum jumped almost 6%, Ripple climbed more than 4%, and Stellar was stellar with an 11% rally.
And so far, the momentum is continuing today — for big and small cryptoassets alike. Pudgy Penguins is on a tear, up almost 30%. Storj, Sushi, and Bonk are all up about 6% this morning.
These types of cryptos certainly aren’t for everyone, but it serves as a good reminder that there’s more than just Bitcoin when it comes to this space, even if it is the undisputed leader.
For investors who can’t trade or aren’t comfortable trading cryptocurrencies outright, they can consider ETFs for BTC and ETH. On the BTC front, IBIT remains the largest ETF by assets, while also supporting options trading.
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The Setup — Bitcoin
When we entered July, a potential breakout was on our radar. That technically triggered a few days ago and now, BTC has charged to record highs.
From here, bulls are looking for the obvious: Further gains above the $110K to $112K area. If Bitcoin can do so, it will naturally have investors wondering how high it can go.
For those that use Fibonacci extensions, one possible target could be in the $120K area. If we measure the most recent consolidation zone — between the recent low near $97K and the prior all-time high — we get a key extension level up near $120K.
This is just one measure of technical analysis and by no means guarantees a rally to this level.
On the flip side, failure to gain momentum over the prior record high could leave BTC to continue consolidating between $100K and $110K.
What Wall Street Is Watching
Nvidia just made history as the first company to reach a $4 trillion market cap, driven by soaring demand for AI chips. The milestone highlights AI’s power to reshape valuations and tech leadership. But with geopolitical tensions and export curbs looming, investors must balance AI optimism with real-world risks — a reminder that even tech dominance comes with strategic vulnerabilities.
Nvidia and Microsoft were the only two Magnificent 7 companies to notch record highs in Q2, and they both did so again yesterday. After a long consolidation period, shares have now rallied 32% over the past three months. Check out the financials for MSFT.
QQQ
Why not make it three for three? The QQQ ETF, which tracks the Nasdaq 100, was able to power to a record high on Wednesday as well. After lagging all other sectors from Q3 2024 through Q1 2025, tech finally seems to be finding its groove. Now bulls want to know if it can continue.
Disclaimer:
Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.