Bitcoin reached its sixth consecutive all-time high in the past two days, reaching beyond $118,600 on July 11. Over the past two days, BTC ( BTC ) has surged roughly 6%, reaching six consecutive all-time highs after breaking through the $110,000 range to a new milestone at $118,668 on July 11. According to data from crypto.news, the token has gone up by 6.8%.
On July 10, BTC crossed $113,800, marking its second ATH in less than 24 hours, driven by strong institutional flows and a risk-on market mood.
Before that, BTC hit major resistance range at $111,250 after a bullish expansion on the market.
Price chart for Bitcoin in the past few hours after hitting ATH | Source: crypto.news Read more: Analysts say Bitcoin could hit new ATH $116k this July The ongoing rally is on point with Matrixport analysis which predicted that BTC would hit as high as $116k and beyond.
Following the historic pattern that showed July would bring strong gains for BTC.
“If historical seasonality holds, Bitcoin could be poised for another move higher — potentially reaching $116,000 in the coming weeks,” said the on-chain analysis firm in its report .
The ongoing rally is mostly fueled by expectations of Fed rate cuts, increased inflows into spot BTC ETFs, and broader regulatory tailwinds, with analysts projecting BTC may test $120,000 before month-end. n addition, the market environment, which is buoyed by equity highs and “risk-on” flows, paired with technical breakouts, has amplified the move.
Although this also sets the stage for BTC testing the $120,000 resistance zone before potentially extending toward the $130,000 to $140,000 range.
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