Bitcoin has reached a new all-time high of $118,399 during trading on July 11, demonstrating a steady rise in the market. Unlike previous peaks, this uptick is marked by notable calmness.
New All-Time High
Currently, Bitcoin reached a peak of $118,399, symbolizing another significant milestone in the ongoing bull market.
Indicators and Investor Behavior
CryptoQuant analysis indicates that the MVRV ratio stands at 2.2, below past highs. The percentage of short-term Bitcoin holders has dropped to 15%, potentially signaling reduced volatility. Furthermore, indicators show little selling pressure, even with miners’ activity decreasing and retail investors remaining out of the picture.
Market Outlook
Analysts are closely monitoring support levels at $106,500 and $101,200, which could determine the market's next moves. If Bitcoin maintains its position above these levels, the bull trend may continue.
Overall, this rally appears to be more sustainable than previous ones. Bitcoin may continue to rise as long as there is steady institutional interest and retail remains largely absent.
