Bitcoin (BTC) has broken new ground today, hitting an all-time high of $118,404, with an intraday low of $110,500. The total market cap surged to $2.33 trillion, with 24-hour trading volume spiking by 80.48%, reinforcing BTC’s dominance at rank #1 in the crypto markets.
Chart Analysis & Technical Indicators
• Bollinger Bands: BTC decisively broke above the upper Bollinger Band at $115,316, confirming strong bullish momentum. Price currently hovers near the $117,600–$118,400 range, suggesting a breakout phase with expanded volatility.
• MACD: The MACD line is well above the signal line, indicating strong bullish momentum. The histogram also shows a fresh positive crossover, suggesting a continuation of the upward trend.
• RSI: On the daily chart, RSI(6) is at 86.19, well into the overbought territory. This suggests a possible short-term pullback or consolidation phase, but not an immediate trend reversal.
• Stochastic RSI: Currently at 100.00, reinforcing overbought conditions. However, in strong uptrends, these levels can persist longer than usual.
Immediate Support and Resistance:
• Immediate Resistance: $120,599 (psychological and technical resistance zone).
• Immediate Support: $115,316 (upper Bollinger Band), followed by the middle band at $108,403 and major support at $101,490.
ETF Inflows: Institutional Demand Peaks
Bitcoin ETFs recorded their highest single-day inflow in recent times on July 10, totaling $1,175.6 million, marking six consecutive days of net inflows. This strong institutional participation indicates growing confidence, with whales actively accumulating BTC.
Liquidation Heatmap Insights
• 24-hour heatmap: Significant short liquidations occurred around $119,267, indicating that the current price rally was fueled by short squeezes. On the downside, a large cluster of long liquidation is seen at $111,692, which may act as a protective support in case of a pullback.
• 30-day heatmap: If BTC corrects sharply to $96,959, around $21.49 billion in long positions will be liquidated. Conversely, a surge to $130,909 will trigger about $1.53 billion in short liquidations, which could act as a fuel for another leg up.
Alt Season Index: Still Bitcoin Season
The Alt Season Index has improved slightly by 2 points, currently sitting at 27. This indicates we are still in a Bitcoin-dominated season with no confirmation of an altcoin season yet. BTC’s strength is absorbing the market liquidity.
Conclusion
Bitcoin continues to display strong institutional demand and retail momentum, breaking key resistance levels to hit a new all-time high. While technical indicators point to overbought conditions, the overall trend remains bullish, supported by record ETF inflows and whale accumulation.
Key Levels to Watch:
• Immediate resistance: $120,600 – breakout above this could extend the rally toward $125,000–130,000.
• Immediate support: $115,300, with strong liquidation-based support around $111,700. A deeper correction could target $108,400 or, in extreme cases, $96,900.
Given the current momentum and market structure, BTC remains in a bullish breakout phase, but traders should stay cautious of potential short-term pullbacks due to overbought indicators and liquidation clusters.
