TechFlow news, July 7: After the Trump cryptocurrency bill was signed, QCP released a report stating that Bitcoin showed resilience during the extended holiday weekend, briefly reaching a high of $109,700 during Sunday's low-liquidity session, marking its highest weekly closing price on record. Despite eight dormant wallets suddenly activating on Saturday to transfer approximately $8.5 billion worth of Bitcoin—adding to prior midweek selling of $4.3 billion—the market remained robust. Bearish inflows were easily absorbed by the market, while bullish narratives attracted strong buying interest. Although rumors of TON's "Golden Visa" program were officially denied by UAE authorities, they still triggered broad gains across altcoins. Elon Musk's formation of a political organization called the "American Party," along with renewed criticism of fiat currency and endorsement of Bitcoin, further boosted market sentiment. Institutions such as Metaplanet and MicroStrategy continued accumulating Bitcoin over the weekend, supporting prices, but new sell orders from these whale accounts could keep prices range-bound. Volatility remains near historic lows, though a breakout above the $110,000 resistance level could spark a new wave of volatility. Major institutions continue increasing their long positions in September $130,000 call options, while holding September $115,000/$140,000 call spreads, indicating a structurally bullish outlook for Q3.
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