Bitcoin’s Historic High at $122,884 Driven by Surging Demand and Tightening Supply, Says 21Shares Strategist
2025-07-16 03:21:03
Main Idea
Bitcoin reached a historic high of $122,884 due to surging demand and tightening supply, supported by strong market fundamentals and low exchange reserves.
Key Points
1. Bitcoin surged to a record high of $122,884, driven by robust market fundamentals and tightening supply.
2. Historically low Bitcoin reserves on exchanges and OTC desks indicate structural scarcity.
3. Matt Mena, a crypto research strategist at 21Shares, suggests the market dynamics show a likelihood of a near-term bearish reversal.
4. Miners' ability to offload Bitcoin remains subdued, as noted by Bitfinex.
5. Google search trends for 'Bitcoin' have stagnated, indicating subdued retail interest.
Description
Bitcoin demonstrates resilience as it maintains an upward trajectory supported by robust market fundamentals. According to Matt Mena, a crypto research strategist at 21Shares, the current market dynamics reveal a
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