At the time of writing Bitcoin
Hovering around the $ 118,000 level and flirting with the idea of setting a new highest height this weekend.
On Friday, Bloomberg senior ETF Analyst Eric Balchunas on X noted that Blackrocks Spot Bitcoin Etf (Ibit) had reached an important milestone at the end of trade the previous day and became the fastest ETF to reach $ 80 billion in assets under management (AUM). The second fastest ETF to get to this level was Vanguards S&P 500 Etf (Voo)There came in 1,814 days.
On Friday, Bitcoin set a new highlight of $ 118,667.
During interviews with CNBC and Yahoo Finance, Bitwise Asset Management CIO said his company expects the BTC award to reach over $ 200,000 by the end of this year.
As for how high Bitcoin could go, hedge fund manager James Lavish says the Bitcoin award is similar to the US debt ceiling, ultimately no limit.
Technical analysis
- Bitcoin showed a consolidation pattern through the 23-hour timeframe from July 11 to 11:00 to 12 July 10:00, which worked within a comprehensive range of $ 1,633.46 representing 1% from the top of $ 118,226.29 to the trough of $ 116,592.83, according to Coindesk Research’s Technical Analysis Model.
- The most significant price movements took place in the initial hours, especially around 13:00 and 15:00 on July 11, when it was elevated volume above 24-hour average of 7,291 accompanied, intradag fluctuations, which formed key support near $ 116,726.00 and resistance around $ 118,226.00.
- Following this early turbulence, BTC demonstrated unique stability with falling volume and consolidated mainly between $ 117,400.00- $ 117,900.00 before showing renewed strength in the last hours with an improvement against $ 118,025.00, suggesting potential bullish momentum development for the subsequent trade session.
- Over the last 60 minutes from July 12, 09:57 to 10:56, Bitcoin encountered increased volatility with a remarkable downward movement from $ 118,121.16 to a low level of $ 117,835,74 at 10:14 pm, followed by a strong rebound establishing $ 118,000.00- $ 118,070.00 The range as a new consolidation.
- That period showed classic support and resistance dynamics with volume tips of 392.48 and 382.49 during 10: 12-10: 14 Salgoff, confirming institutional participation, while the subsequent improvement over $ 118,035.00 on diminished volume suggests underlying strength and potential for continued upward moment.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
