Bitcoin’s price rose by 6.8% last week, breaking through previous highs and reaching a new peak of around $111,900. However, it then retreated below the resistance zone of $108,250–$109,750 due to $Trump’s tariff threat and market selling pressure. Afterward, the price found support within this range and traded sideways, with the market leaning toward a gradual and steady upward trend, potentially reaching a target of $125,000 soon.

Overall market risk appetite remains, but the upward momentum has begun to weaken. $Trump threatened to impose a 50% tariff on the EU starting in early June, which sparked risk-off sentiment (US stocks fell, US bonds rose), but he quickly withdrew the threat and plans to reach an agreement by July 9.

Last week, Bitcoin’s realized volatility rebounded from very low levels, but due to significant long Gamma hedging positions in the market, price spikes were quickly pulled back, keeping overall volatility controlled. In the absence of clear directional trends, even though intraday volatility briefly surged to an annualized level of 40-50%, implied volatility remained relatively stable.

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