Bitcoin Price News: BTC Faces Selling Pressure as Trump Media Amends ETF Filing – $112K Next?

Bitcoin (BTC) is once again charging to retest its most recent all-time high at $123,000 after Trump Media, the family’s tech company, amended its application to list a BTC spot exchange-traded fund (ETF) in the United States.

The Truth Social Bitcoin ETF would capitalize on the latest move from President Trump to allow tax-advantaged accounts like 401(k)s to invest in cryptocurrencies directly, primarily via regulated vehicles such as this.

The ETF will hold BTC directly by making purchases in the spot market. The fund has appointed Crypto.com as its exclusive custodian.

Trump Media has acquired a total of 18,430 BTC tokens and is currently the 5th largest corporate holder of this asset.

President Trump promised to make America the “crypto capital of the world” during his administration. He has already made some interesting progress to deliver on this pledge, like the passing of the Genius Act to regulate stablecoin issuance in the United States.

In addition, he appointed a new pro-crypto head at the Securities and Exchange Commission (SEC).

All of these policies, along with other industry-specific tailwinds and macroeconomic factors, have increased the price of the top crypto lately and have pushed it to a new all-time high.

BTC’s Volumes Rise as It Nears Its All-Time High

At the time of writing, BTC is just 2.7% away from its all-time high of $123,091. Trading volumes have gone up by 42% in the past 24 hours at nearly $90 billion.

BTC/USD Daily Chart (Binance) – Source: TradingView

This would be the first time that volumes will hit this mark since August 1. Back when BTC reached its most recent price record, volumes doubled that figure at $180 billion as per data from CoinMarketCap.

Bitcoin liquidations today have diverged from the overall market. The top token is responsible for half of the $200 million worth of shorts that have been wiped out in the past 24 hours. This means that a short squeeze could be unfolding.

BTC nearly touched its all-time high today once again. Data from Binance shows that the price reached $122K during the session and started to retreat right after.

Selling pressure could be high at this point and, if we don’t get a bullish breakout, the odds would favor a strong pullback like the one we saw during the second half of July. Above-average trading volumes and an inverse hammer candle confirm the strength of the selling pressure.

Interestingly, the Relative Strength Index (RSI) shows signs that bullish momentum is actually picking up steam and that BTC could be ready for its next leg up. Hence, we could expect a retrace to the $112,000 level but we should get a strong rebound once that happens that could push BTC to $130,000.

The Odds of a Move Toward $112K Are High

Today’s bearish inverse hammer candle is not encouraging at all but the session is not over yet and bulls could wait until the American session ends to take advantage of the market’s lower liquidity to push the price higher and further squeeze short sellers.

BTC/USD 4-Hour Chart (Binance) – Source: TradingView

Down in the 4-hour chart we can see a confirmed rejection of a move above $122K. The RSI in this lower time frame shows that negative momentum is accelerating. Hence, the odds of a move toward $112K are quite high right now.

If we get there, it should be another good chance to scoop up BTC at a much more decent entry price as the next leg up could push it to $130K amid these multiple macro tailwinds.