Bitcoin continued its bullish momentum on July 12, trading around $117,966, just shy of record highs above $118,000. The surge this week pushed BTC past the previous ceiling of approximately $111,000, triggering a major short squeeze and forcing over $1 billion in short positions to liquidate. Technical indicators, including a bullish MACD and a “cup-and-handle” pattern, suggest there is still room for further growth—analysts forecast it could reach $134,500 or even $140,000 later this year. A wave of institutional inflows—especially into Bitcoin ETFs—has further fueled the rally, contributing to a roughly 26% year-to-date gain and drawing comparisons to gold. However, with volatility still high, traders are watching ETF flows, support levels near $108K, and upcoming regulatory developments.
