During the first week of July, storage tokens like FIL and STORJ outperformed larger tokens such as bitcoin and ether, with STORJ gaining 43% and FIL gaining 12% over the week. Bitcoin and ether experienced slight declines of 0.7% and 3.5% respectively, while Solana's SOL saw a 12% increase. The CoinDesk Market Index dropped 1.3% overall, but the Computing Sector was the only sector to post weekly gains.

Bitcoin remained just above $30,000 on Friday as investors anticipate potential rate hikes this year. Despite the hawkish news, bitcoin bulls held their ground. However, Nexo co-founder Antoni Trenchev believes that bitcoin needs a fundamental driver to break out of its current range and reach its 13-month high. Investors are closely watching for inflation data expected on Wednesday, which could potentially cause bitcoin to rise or fall depending on the outcome.

Kevin Adkisson, the chief revenue officer of MicroStrategy, a software intelligence firm that holds bitcoin on its balance sheet, has resigned from his position. Adkisson will continue to work with the company in an advisory capacity during a transition period. The reason for his departure is unclear, and the company has not yet commented on the matter. MicroStrategy's president and CEO, Phong Le, will take over Adkisson's responsibilities as head of the company's sales organization and sales function. The departure comes as MicroStrategy continues to purchase bitcoin, with its total holdings now worth around $4.6 billion.

Natalie Brunell, a well-known podcast host, educator, and media commentator in the Bitcoin space, was featured on this week's episode of Market Talks by Cointelegraph. Brunell discusses how Bitcoin can empower people financially worldwide and how the depreciating US dollar is stripping away people's economic dignity. She also offers insights on how to overcome the volatility and risk factor associated with Bitcoin and explains why institutions are turning back towards crypto despite their love/hate relationship with the sector. Additionally, Brunell shares her backstory and tips for aspiring content creators.

Bitcoin has been provided with the tailwind of two events this year with the SVB banking crisis and Blackrock Bitcoin ETF filing that have unequally benefited digital gold relative to the other digital assets in the market. This has translated to Bitcoin’s market capitalization dominance relative to the rest of the market breaching 50% for the first time since early 2021.

After another positive quarter for the asset, Bitcoin is up now 85% to start the year, outpacing Gold which is up 5% YTD, the S&P 500 which is up 16% YTD, and even the Nasdaq which is up a whopping 40% YTD. Throughout this report we will take a look at all relevant metrics around the network from price performance, market structure, derivatives, and network health. After being down as much as 75% from its all-time high, the largest digital asset is now down just 55% from its late 2021 peak of just north of $69,000.

Bitcoin's trading range has been narrow between $29,000 and $31,350, leading to uncertainty about its potential to reach $100,000 this year. However, K33 Research Analyst predicts positive catalysts that could drive Bitcoin's price towards the coveted milestone, including institutional interest in spot Bitcoin ETFs.

Unknown parties are transferring evidence related to a criminal case involving a large amount of bitcoin in Russia to crypto exchanges, according to blockchain intelligence firm Crystal Blockchain. The case involves a disgraced law enforcement officer who allegedly extorted bitcoin from hackers.

Glassnode's on-chain data reveals that Bitcoin's short-term holders are currently experiencing 55.6 times more profits than losses. The "realized profit/loss ratio" measures the ratio of profits and losses that Bitcoin investors are currently harvesting through selling. Short-term holders, who have held their coins for less than 155 days, are particularly interested in this indicator.

Bitcoin has been trading within a narrow range for the past 12 days, but the fact that bulls have held the crucial $30,000 support level is seen as a short-term win for them. Despite the sideways trading, there is growing optimism that BTC has the potential to break through upper resistance zones and reach new highs.