Bitcoin Hits $118,856.47 All-Time High Awaiting Major Events for Bull Run

On July 11, Bitcoin reached a new all-time high price of $118,856.47, setting a fresh record for 2025. At the time of writing, Bitcoin price is around $118,017.67, with a market cap of $2.34 trillion. This rise comes after the previous high on May 22. Yet, analysts say the real rally—the Bitcoin bull run—is waiting for a few major events to fall into place.

One major reason the rally hasn’t picked up full speed is that big banks are still sitting out. While other companies such as Ripple and Circle have requested U.S. bank charters, those are still pending. If they were approved, it would enable them to become chartered banks in the traditional sense with federal regulation. That action could enable additional crypto assets to come into the traditional financial system—something that could fuel the next phase of the crypto bull run.

Another significant contender is the BITCOIN Act of 2025. Sponsored by Congressman Nick Begich and Senator Cynthia Lummis, the bill would establish a Strategic Reserve and national cryptocurrency policy. The bill passed the House and waits action in the Senate. If approved, it could bring much-needed legal clarity and push forward the bull run 2025.

The Federal Reserve’s interest rate policy is also delaying the rally. At the last meeting on July 9, the Fed decided not to cut rates, keeping them steady at 4.25% to 4.50%. However, it was decided to cut the rates two times in the running year. A Fed rate cut could give the market a liquidity boost, and any news of a rate cut could create investor excitement.

The upcoming Crypto Week 2025, from July 14 to 18, could be a game-changer. Key bills like CLARITY, GENIUS, and the Anti-CBDC Act will be discussed. These bills will address stablecoin rules, SEC-CFTC responsibilities, and even government control over digital currencies. Voting starts July 15, and any progress could be a big boost to market sentiment.

The Chart shows an Inverse Head and Shoulders formation followed by a bullish flag, two of the greatest classic technical signals of extreme upside strength. The inverse head and shoulders that occurred from mid-2021 through late-2023 marked a macro bottom with neckline breakout at around $69,000. Subsequent to the breakout, BTC broke over $100K, confirming the bullish reversal. As well as, Bitcoin also breached the bullish flag pattern. If BTC closes above $120,000 in coming days, then a new rally can be seen towards $150,000 as per the height of the Bullish Flag pattern. The target is also supported by the rate cut decision, crypto week as well as tariff relaxation.

Its breakout proves demand is strong, yet the big wave may come only when banks enter, Congress passes the BITCOIN Act, the Fed eases, and decisions from Crypto Week 2025 settle. Investors should watch these events closely before assuming the next leg higher is certain.