FOMO — the fear of missing out — has been the main driver behind the BTC/USD rally. Regardless of how much is said about the US passing crypto-friendly legislation, capital inflows into ETFs, or institutional interest, Bitcoin's nearly 27% year-to-date surge has been fueled by greed. Yes, in its early days, the digital asset gained hundreds of percent, but today it boasts something even more important — integration into the world of traditional finance. Trust, after all, can be more valuable than money.

Bitcoin remains the flagship cryptocurrency. Its success inspires other digital assets — including Ethereum and altcoins — to follow suit. As a result, the total crypto market capitalization continues to grow and has, for the first time in history, surpassed $4 trillion.

Crypto market capitalization dynamics

That figure could grow even further if the stablecoin legislation passed by Congress and signed by Donald Trump leads to the expansion of the stablecoin market from the current $265 billion to $3.7 trillion. That's the projection from Citi, and it may very well become reality.

The new law will give stablecoin issuers greater confidence, allow for innovation, and strengthen the dominance of the US dollar. It enforces strict requirements for backing stablecoins with either cash or US Treasury bonds.

The growing interest in and issuance of digital currencies give BTC/USD a strong outlook. As long as the US economy remains strong, corporations post solid earnings, and the Fed signals a willingness to lower the federal funds rate, risk appetite will likely stay elevated. In this environment, Bitcoin has plenty of room to continue its rally. On the futures market, there's already strong demand for derivatives with strike prices of $130,000 and $150,000.

Bitcoin vs other assets performance

Still, there's a fly in the ointment: the crypto industry remains highly vulnerable to fraud. In 2025, the total value of stolen digital assets has already exceeded last year's figure — largely due to a massive $1.5 billion hack of Bybit by the North Korean Lazarus Group. According to Chainalysis, just in June, hackers stole $2.17 billion from various crypto services and wallets.

After a rapid rally, BTC/USD is now consolidating. Investors are closely watching the performance of US stock indexes, which shape global risk appetite. The S&P 500's reluctance to extend gains — even amid a string of strong macro and earnings data — is raising concerns among crypto enthusiasts. Is it possible the good news has already been priced in?

Technically, BTC/USD is showing a "Spike and Ledge" pattern on the daily chart. A breakout below the lower boundary near $116,600 would increase the risk of a pullback and signal a potential selling opportunity. Conversely, a successful breakout above the $120,900 resistance could support the buildup of previously opened long positions.