$BTC Bitcoin Blasts Above $118,800 — Bullish Breakout or Classic Bull Trap Setup?

In the early hours of July 11, Bitcoin broke past $118,000 and reached exchange highs of $118,800, depending on venue data. CoinGlass estimates the increase erased $1.25 billion in short holdings in one trading day.

Bitcoin Bull Trap or Breakout?

After writing that corporate treasury demand has “grown exponentially, with dozens of new companies popping up in recent months,” he advised against ignoring a large breakout until refuted. Edwards expects a 50–70% rise over the following six months, or $170,000–$196,000.

Hard data supports his treasury emphasis. A record 159,107 BTC were added by public businesses in Q2, bringing aggregate corporate holdings beyond 847,000 BTC, or 4% of max supply. Corporate Bitcoin purchases outperform ETF net inflows.