BTC TODAY: WHAT’S FUELING THE SURGE? 🚀
1. Price Action
Bitcoin is trading around $118,749 USD, up modestly today and hitting intraday highs near $118,764.
Within the past 24 hours, BTC has ranged between $116,360 and $118,742.
2. Technical Momentum
BTC broke above the long-term downtrend and key moving averages (50-day & 200-day SMA). The RSI hovers at ~63 — still room to run before hitting overbought territory. Target zones: $119K → $120K, with potential extension to $123K–$130K.
Support cluster around $116,700–$117,000, with a “golden cross” possibly forming if momentum holds through the weekend.
3. Network Strength & Sentiment
Bitcoin’s network hash rate is at record highs—signaling greater network security and robust mining activity. Michael Saylor remains bullish, expecting long-term outperformance relative to traditional markets.
Forecasts for August project BTC heading to $116K–$130K, driven by institutional flows, ETF inflows, and favorable macroeconomic backdrop.
