Bitcoin is break above the key 106350 resistance and continues to rise. As long as BTC stays above this level, short-term bullish outlook remains intact.

The biggest risk for crypto right now is its correlation with the stock market. With the July 9 tariff deadline approaching and the Israel–Iran conflict raising broader market and oil price risks, a potential selloff in equities could weigh on crypto as well.

The good news for crypto is Ethereum’s strength. In the last bull cycle, when BTC neared the cycle top, ETH began to lead, pulling altcoins up with it. While the market doesn’t appear to be at that stage just yet, recent inflows into Ether ETFs suggest that BTC could be nearing its final leg higher.

In the short term, 108350 is the first level to watch.