The story of this rise is written in stages. First, the $112,000 surpassed last night, a first alert. Then, a continuous push, with no real pause. This morning, $113,313 was surpassed. And finally, the apotheosis: $118,868.
This sequence is not casual. It reflects sustained demand, primarily channeled by spot Bitcoin ETFs, which have attracted massive flows. IBIT, in particular, catalyzes these volumes. And what the charts whisper, CoinDesk analysts confirm: a "bull flag" was detected in the curves that anticipates a potential increase of 30%, which would drive the price of BTC towards $140,000.
For their part, predictive markets are becoming frantic. In Polymarket, 76% of participants see Bitcoin surpassing $115,000 as early as this July. A figure that sets the tone in an already optimistic climate.
But this rise is not limited to technical analysis. Behind the scenes, the crypto machine is running at full speed, driven by external factors.
First dynamic: the massive entry of institutional investors. According to analysts, institutions are no longer just observing. They are buying. And they are buying in bulk, in a market where supply remains limited. This avalanche has attracted powerful volumes in spot markets, especially through ETFs.
Second factor: geopolitics. Donald Trump, in a tense campaign climate, promised new customs tariffs between 25% and 50%, focusing on key sectors such as semiconductors. Result? The dollar rises against the yen, as Reuters explains, and investors are turning towards alternative assets, including Bitcoin.
Finally, short sellers capitulate. According to Digital Watch, approximately $35 billion in short positions have been liquidated, amplifying a fearsome short squeeze that has catapulted prices.