Bitcoin just did it again. It hit a fresh all-time high (ATH) above $114,000. Now, traders are looking at $120,000 for BTC this month. The charts are hot, and the momentum is real. Let’s break down what is driving Bitcoin’s rocket ride.
Bitcoin’s Bullish Wave: Options and Liquidations Fuel the Rally
Bitcoin crossed $114,000, and option traders didn’t blink. On Deribit, calls are piling up for $115,000 and $120,000. Some are even betting on $150,000 by December. A massive $447 million in short positions just got wiped out, forcing bears to exit quickly. This triggered more buying as traders leaned into the upside.
Futures funding rates remain positive, showing that traders pay to stay long on Bitcoin. That’s a strong bullish signal in the BTC market. Meanwhile, Donald Trump’s crypto-friendly posts added extra fuel to the fire. Institutional buyers are also stepping in, adding Bitcoin to their balance sheets and turning themselves into BTC proxies. It’s a bullish cocktail that has traders locking in on $120K.
Bitcoin Liquidity Surge: Fresh Capital Powers BTC Price Discovery
Bitcoin is not just moving because of hype. There’s fresh liquidity backing this rally. Stablecoin reserves on Binance hit a record $31 billion. That’s a big pool of cash ready to jump into Bitcoin and altcoins. A key liquidity signal, the Stablecoin Supply Ratio (SSR) MACD, just made a bullish crossover. Historically, this crossover happens before new capital inflows hit Bitcoin.
Retail investor inflows have slowed, meaning fewer small holders are selling. This reduces short-term volatility and allows bigger players to drive the price up. Binance’s market share in spot trading surged past 49%, showing that large-volume buyers are active. Bitcoin is entering a new phase of price discovery, with strong liquidity backing every move.
Bitcoin Accumulation: Whales and Institutions Stack BTC
Bitcoin wallets known as “accumulators” are going hard. In the last 30 days, these wallets increased their BTC holdings by 71%. They now hold 248,000 BTC, marking a yearly high. This isn’t just speculative noise; it’s real demand at higher prices. Investors are showing strong conviction even as Bitcoin hits ATH levels.
Onchain metrics confirm this trend. Bitcoin’s realized cap jumped by $4.4 billion as BTC broke $113,000. This metric only rises when coins move at higher prices, proving new capital is entering the market. It’s not just traders chasing green candles. It’s investors locking in long-term BTC exposure. This foundational demand is giving Bitcoin the strength to aim even higher.
Bitcoin Eyes $130K Before Major Profit-Taking
Market signals suggest Bitcoin’s run isn’t done yet. The Market Value to Realized Value (MVRV) metric shows profit-taking may only start when BTC hits around $130,900. That’s still about 17% above current levels, giving Bitcoin room to move. Analyst Axel Adler Jr. notes that this price level aligns with Bitcoin’s historical distribution points.
Milk Road co-founder Kyle Reidhead sees BTC going even further. He points to a bullish “cup and handle” pattern, suggesting Bitcoin could hit $150,000 before a serious correction. With equities rallying and global tensions rising, Bitcoin is positioning itself as a macro hedge. Institutions and traders are treating BTC as a maturing asset, not just a speculative bet.
Bitcoin’s Path Forward: All Eyes on BTC ATH
Bitcoin is leading the crypto market once again. With strong liquidity, institutional backing, and reduced retail selling, BTC is on a clear upward trajectory. Traders are confident in a $120,000 BTC this month, with $130,000 and $150,000 targets in view. Political signals and macro conditions are adding to the bullish tone.
Every dip is getting bought fast. Every ATH is attracting more attention. Bitcoin’s momentum is alive, and the market is watching. As we move through July, all eyes remain on Bitcoin’s next ATH as BTC continues its relentless push higher.
