$BTC

🚀 Bitcoin Hits $118,869 – Bull Run Gains Momentum

Bitcoin surged to $118,869.98 on July 11, now trading around $117,731, up +20% YTD. The breakout smashed through key resistance at $112K, $116K, and $118K in rapid succession.

Market Sentiment & Positioning

Long/short ratio is heavily skewed 40:1 in favor of bulls

Massive 1,300 BTC buy orders signal strong institutional conviction

Crypto community buzzing with excitement and bullish energy

🔥 Key Drivers Behind the Rally

BlackRock added $953.5M BTC; its ETF now manages $801.1B

$2.42B in short liquidations during the recent breakout

Continued ETF momentum + growing institutional adoption

Weaker USD and growing optimism around U.S. crypto legislation (CLARITY Act)

📊 Trading Insights

Momentum remains strong, though RSI is elevated (78), nearing overbought territory

Support zones: $115K–$116K | Next resistance: $120K

Risks to watch: Bhutan’s 449.3 BTC sale and potential volatility during Crypto Week (July 14–20)