Bitcoin’s price narrative continues to grip the attention of the crypto community as it hovers just beneath its all-time high. As of July 10, 2025, Bitcoin is trading at approximately $108,927, a modest 0.2% uptick over the past day. This consolidation phase, following a brief surge toward the $111,000 mark, has sparked conversations about the underlying market dynamics, particularly the interplay between spot and derivative markets.
The Spot-Perpetual Puzzle
CryptoQuant analyst BorisVest has thrown light on a fascinating on-chain metric: the persistent negative delta between Bitcoin’s spot and perpetual futures prices on Binance. This anomaly has been a fixture since December 2024. Typically, a negative delta—where the spot price exceeds the perpetual futures price—suggests a curious market sentiment, especially in a bullish environment. BorisVest remarked, “When the delta flipped last December, Bitcoin had just reached a new all-time high, hinting at an aggressive long build-up in the perpetual market.”
Yet, despite Bitcoin’s recent high, this delta hasn’t budged. The implication? Leveraged traders seem hesitant to go all-in on the rally, which may point to an accumulation phase in the spot market. Historically, such phases often precede significant price movements. BorisVest cautioned that if perpetual prices surpass spot prices, it could herald a speculative turn, with potential for abrupt price corrections if long positions unravel rapidly. Traders keen on these dynamics might find opportunities to recalibrate their risk strategies accordingly. For further insights on traders’ hesitancy, see Bitcoin lacks ‘sustained momentum’ for new high as traders are hesitant.
Dollar Dynamics and Bitcoin’s Trajectory
Adding another layer to the narrative, CryptoQuant’s Darkfost underscores a macroeconomic factor—the softening US dollar. The US Dollar Index (DXY) is trading at a notable deviation below its 200-day moving average, a level unseen in over two decades. This decline aligns with climbing US debt levels, historically boosting risk-on assets like Bitcoin. “When the dollar loses its safe-haven status, we often see capital shift toward alternatives,” Darkfost noted.
While Bitcoin hasn’t fully capitalized on this trend yet, the weakened dollar could provide a tailwind for future upward price movements, especially if liquidity remains robust. Historical patterns suggest Bitcoin tends to thrive in such environments, potentially setting the stage for a bullish breakout if these conditions persist. This aligns with recent observations in Bitcoin rallies to $109.7K but pro traders question BTC’s price momentum.
Looking Back and Ahead
Bitcoin’s current price action is a testament to the complex interplay of market forces. The spot-perpetual delta and the dollar’s weakness are just two of many factors shaping its trajectory. As traders and analysts dissect these trends, the crypto market remains a hotbed of speculation and strategy.
The question on everyone’s mind: Can Bitcoin shake off its consolidation blues and soar past its previous peak? With market dynamics in flux and external economic factors at play, the path forward is anything but straightforward. As ever, the crypto landscape is poised for potential surprises, keeping investors and enthusiasts on their toes.
Source
This article is based on: Bitcoin Consolidates Below All-Time High as Spot Market Drives Momentum
Further Reading
Deepen your understanding with these related articles:
- Traders Pile on Short Positions as Bitcoin Approaches All-Time High
- Bitcoin's third flop at $110K puts bulls at risk: BTC price levels to watch
- Bitcoin price aims for new highs but ‘divergences’ set $110K as resistance
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
