Bitcoin Hits New All-Time High Above $118,667, Triggering $1.20 Billion in Liquidations

Bitcoin has been trading within a range of $116,623 to $118,123 over the past 24 hours, concluding near $117,914. The cryptocurrency reached a new all-time high above $118,800 during the mid-London session on Friday, triggering over $1.20 billion in crypto liquidations, with shorts accounting for more than $1.00 billion. Major corporations continue to expand their Bitcoin treasuries, indicating a growing institutional interest in the digital asset.

On Friday, Bitcoin set a new all-time high of $118,667. During interviews with financial news outlets, the Chief Investment Officer of Bitwise Asset Management expressed his firm's expectation that the price of Bitcoin could reach over $200,000 by the end of this year. This optimistic forecast comes as the cryptocurrency market continues to gain traction and attract more investors.

Hedge fund manager James Lavish compared the potential for Bitcoin's price increase to the U.S. debt ceiling, suggesting that there is ultimately no limit to how high Bitcoin could go. This perspective aligns with the growing sentiment among industry leaders and analysts that Bitcoin has significant upside potential in the coming years.

Bitcoin displayed a consolidation pattern throughout the 23-hour timeframe from 11 July 11:00 to 12 July 10:00, operating within a comprehensive range of $1,633.46 representing 1% from the peak of $118,226.29 to the trough of $116,592.83. The most significant price movements occurred during the initial hours, particularly around 13:00 and 15:00 on 11 July, when elevated volume above the 24-hour average of 7,291 accompanied pronounced intraday swings, forming key support near $116,726.00 and resistance around $118,226.00.

Following this early turbulence, Bitcoin demonstrated exceptional stability with decreasing volume, consolidating mainly between $117,400.00-$117,900.00, before exhibiting renewed strength in the final hours with a recovery toward $118,025.00, suggesting potential bullish momentum developing for the subsequent trading session. Throughout the final 60 minutes from 12 July 09:57 to 10:56, Bitcoin encountered heightened volatility with a notable downward movement from $118,121.16 to a low of $117,835.74 at 10:14, followed by a strong rebound that established the $118,000.00-$118,070.00 range as a new consolidation zone.

The period displayed classic support and resistance dynamics, with volume spikes of 392.48 and 382.49 during the 10:12-10:14 selloff confirming institutional participation, while the subsequent recovery above $118,035.00 on diminishing volume suggests underlying strength and potential for continued upward momentum. This technical analysis indicates that Bitcoin is poised for further gains, supported by both institutional interest and positive market sentiment.