Bitcoin is currently making strides towards a $120,000 price point, following a notable surge last week. Despite this upward momentum, analysts indicate there could be a potential drop to $113,000 if support levels fail to hold. Key upcoming macroeconomic data includes the Federal Reserve's interest rate decision and the release of Q2 GDP figures, which could drive market sentiment further. A newly sealed US-EU trade deal has also provided a boost, reflected in the S&P 500 futures reaching record levels. Despite Bitcoin's impressive monthly performance, historical data suggests it still trails behind typical July performance trends. Furthermore, stablecoin liquidity appears to be an issue, indicating possible price stagnation unless more stablecoins enter the market soon. Analysts suggest a cautious approach, emphasizing the need for Bitcoin to maintain its gains from early July to demonstrate sustained positive momentum.

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