Bitcoin Ignites Markets: 6 Historical Peaks in 48 Hours and a Jump Above $118
- Bitcoin (BTC) surged to a new record level of $118,668 on July 11, marking the sixth consecutive historical peak in just two days, with a strong increase of 6.8%, according to crypto.news data.
This remarkable rise came after Bitcoin broke the $110,000 barrier, then surpassed $113,800 on July 10, achieving two record numbers in less than 24 hours. This ascent coincided with significant institutional inflows and a wave of 'risk appetite' in global markets.
The current rise aligns with Matrixport's expectations, which predicted the currency would reach $116,000 or more during July, based on previous seasonal patterns that showed strong performance for Bitcoin in this month.
Experts attribute this momentum to several factors, most notably:
• Expectations for a reduction in interest rates by the U.S. Federal Reserve.
• Increased investments in Bitcoin exchange-traded funds.
• Encouraging regulatory environments that stimulate capital inflow.
Analysts believe that Bitcoin is currently heading to test the $120,000 level in the coming days, with the potential to expand towards the $130,000 to $140,000 range if the upward momentum continues, supported by technical and fundamental data.
