Live: Bitcoin shrugs off Trump-Powell drama, holds steady originally appeared on TheStreet .
Bitcoin has officially entered uncharted territory.
Over the past week, BTC has exploded from just over $107,000 to more than $123,000, smashing its previous all-time high and dragging the entire crypto market into what traders are now calling "crisis mode." The sudden move higher, fueled by macro uncertainty, surging U.S. debt, and a tumbling dollar, has reignited retail FOMO and institutional positioning alike.
After more than two months of sideways price action, Bitcoin’s breakout has been swift and decisive. Analysts are now eyeing $135,000 and even $145,000 as potential short-term targets.
July 16 | 1:50 PM ET — House wote fails to shake Bitcoin
The crypto market rallied as the House of Representatives voted on the key crypto legislation on July 16. Kraken's price feed shows Bitcoin at $119,412.18, up 0.24% in the last hour itself.
July 16 | 12:43 PM ET — Bitcoin unaffected by Trump-Powell tussle
President Trump announced he is not planning to remove Federal Reserve Chair Jerome Powell.
Earlier during a private meeting with congressional Republicans, it was reported by The New York Times that lawmakers believed Trump would take action against Powell.
However, Bitcoin seems to be unaffected and is currently trading at $119,098.42.
July 16 | 11:25 AM ET — Bitcoin jumps to $119K
As the excitement around the anticipated House vote on crypto-related bills grows, Bitcoin jumped to $119,209.43.
If the House passes the GENIUS Act, a crypto rally is expected.
July 16 | 9:28 AM ET — Bitcoin holds ground
Bitcoin continues to trade at $118,714.28, as the crypto market anticipates legislation in favor of the GENIUS Act.
Today, President Donald Trump said on his social media platform Truth Social that 11 out of the 12 Congressman/women have agreed to vote in favor of the bill.
July 16 | 7:32 AM ET — Bitcoin recovers as another vote rekindles hope
Another procedural vote on the GENIUS Act has been scheduled for 12:20 PM ET. If it passes, there will be a debate and final passage votes thereafter.
The news rekindled the hope of the crypto market, with Bitcoin trading at $118,909.81.
July 15 | 4:01 PM ET — Bitcoin reels as 'crypto week' fails
A failed procedural vote in the House halted three bills, preventing progress on crypto legislation and Defense Department budget.
The failure has derailed plans of the "Crypto Week", delaying much-anticipated regulatory action. In response to the uncertainty, Bitcoin is trading down at $116,418.
Related: 'Crypto week' collapses as house GOP fails key vote
July 15 | 12:23 PM ET — Bitcoin's open interest plummets
Bitcoin is trading at $116,724.41, down 2.15% in the last 24 hours. The open interest rate stands at $41.18 billion at the time of writing, or slightly below the highs of the day, but slowly moving back up again, meaning confidence among investors is still recovering.
July 15 | 10:20 AM ET — Bitcoin shrugs off sudden CPI impact
After tumbling below the $117,000 mark, Bitcoin demonstrated its usual resilient self and began to recover.
BTC was trading above $118,000.
July 15 | 8:39 AM ET — Markets fall after June CPI report
The June CPI data finds inflation climbing to 2.7%, causing caution in risk assets. Bitcoin plummeted to $116,843.97, down 4% in the last 24 hours.
With inflation on the rise and Fed rate cuts unlikely in the immediate future, Bitcoin and other cryptocurrencies are once again vulnerable to central bank signals and broader market risk sentiment.
Related: Markets pull back from highs as CPI comes in hotter than expected
July 14 | 3:30 PM ET — Investors still optimistic
Bitcoin is now worth $119,757.80, which is nearly 3% less than its 24-hour high of $123,091.61.
Despite the intraday slump and escalating geopolitical tensions between the United States and Russia, investor optimism appears sturdy. Traders are getting ready for more gain, as shown by the opening of $13.19 million in long positions in the last hour alone, as per Coinglass .
July 14 | 2:20 PM ET — Recovery attempt fails
Bitcoin tried to recover from the latest Russia shocker and approached the $120,500 mark.
However, the attempt failed and BTC fell to $119,858.78.
July 14 | 12:00 PM ET — Bitcoin falls to $120K
President has threatened to impose "very severe tariffs" of up to 100% on Russia if there is no peace deal within 50 days. Bitcoin immediately tumbled to $119,703.83 following the news.
Related: Trump threatens up to 100% tariffs on Russia, markets tumble
July 14 | 11:00 AM ET — Bitcoin retreats to $121K
Bitcoin has retreated 1.85% from its record high that it reached earlier and was trading at $121,156.15 at press time.
As per Coinglass , a little more than $3 million in short BTC positions have been liquidated within the last 4 hours.
July 14 | 6:00 AM ET — Bitcoin hits $123,091, ATH confirmed
Bitcoin just surged past $123,091.61 according to Kraken's price feeds, officially setting a new all-time high. Momentum is red-hot, with traders eyeing $125,000 next.
Related: Bitcoin tops $123K, boosting Satoshi Nakamoto’s fortune to $135B
Bitcoin’s breakout: What’s driving the daily all-time highs?
Bitcoin’s relentless rally shows no signs of fatigue, surging past $122K as momentum accelerates. According to QCP analysts, the market may have underestimated the strength of this move — driven by a technical breakout and a sharp rise in institutional demand.
The Crypto Fear & Greed Index jumped from 40 to 70 in just three weeks, flipping sentiment decisively into “Greed.” Meanwhile, spot BTC ETFs saw over $2 billion in net inflows last week, confirming the trend of institutional buy-in. On the derivatives side, leveraged long positioning continues to build. Perpetual funding rates are nearing 30%, and open interest (OI) has surged past $43 billion, levels last seen during BTC’s push through $100K in January.
Live: Bitcoin shrugs off Trump-Powell drama, holds steady first appeared on TheStreet on Jul 14, 2025
This story was originally reported by TheStreet on Jul 14, 2025, where it first appeared.
