Bitcoin Surges too New All-Time Highs, Crossing $118,600
Bitcoin has hit its sixth consecutive all-time high, soaring past $118,600 on July 11.Over the past two days, BTC has climbed about 6%, breaking thru the $110,000 barrier to reach $118,668. According to crypto.news, the cryptocurrency has gained 6.8%.
On July 10, BTC crossed $113,800, marking its second ATH in less than 24 hours. This surge is fueled by strong institutional investments and a positive market mood. Before this,BTC hit a major resistance at $111,250 after a bullish market expansion.
The rally aligns with Matrixport’s prediction that BTC could hit $116,000 and beyond. The firm noted, “If ancient seasonality holds, Bitcoin could climb higher, potentially reaching $116,000 in the coming weeks.”
Several factors are driving this rally.Expectations of Fed rate cuts, increased inflows into spot BTC ETFs, and favorable regulatory news are key contributors. Analysts project BTC may test $120,000 by month-end. The market is also buoyed by equity highs and “risk-on” flows, amplifying the move.The price chart shows a bullish trend, with analysts seeing potential for BTC to extend toward $130,000 to $140,000. The market is optimistic about Fed rate cuts and regulatory tailwinds. The current environment, paired with technical breakouts, has set the stage for this growth.The price chart reflects this upward trend.
- Strong institutional flows
- Increased spot BTC ETF inflows
- broad regulatory support
Equity highs and technical breakouts have further boosted the price. While this sets the stage for testing the $120,000 resistance zone.
Matrixport’s analysis supports this, stating, “Bitcoin could reach $116,000 soon.”
With these factors,Bitcoin’s future looks promising. The token may soon test the $120,000 mark. The ongoing rally is on track with historical patterns showing strong July gains. The market’s positive sentiment has amplified the move, setting the stage for further gains.
