Bitcoin Surges 13% to New All-Time High of $118,000

Generated by AI AgentCoin World
Saturday, Jul 12, 2025 7:46 pm ET1min read
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Bitcoin has reached a new all-time high of $118,000 as of July 12, 2025, following a confirmed breakout above key resistance levels. This price action aligns with a classic inverse head and shoulders pattern, signaling further upside potential. Analysts now estimate the breakout target to exceed $160,000 based on the pattern’s structure.

According to market strategist Mags, Bitcoin’s price completed a textbook inverse head and shoulders formation this week. The structure was confirmed when the price broke above the neckline near $112,500. This bullish setup includes three distinct troughs with higher lows, suggesting strong buyer presence across recent weeks. Since the breakout,

Bitcoin
has maintained strength above the $120,000 level, reflecting stable buying interest.

The projected move from this pattern places the price target at over $160,000. Technical analysts have noted that this formation often results in sustained rallies, especially when supported by rising volume and reduced selling pressure.

Data records a Bitcoin volume within a 24-hour trade that started to increase by 93 percent to $123 billion as the price grew. Its market cap reached 2.34 trillion dollars with the circulating supply of Bitcoin amounts still being close to the cap of 19.89 million BTC. These figures show dynamism in the investment sector and persistent liquidity.

Spot ETF inflows also contributed to the positive trend. Bitcoin ETFs recorded $1.18 billion in net inflows on Thursday, marking one of the largest single-day totals on record. Meanwhile, whale transactions over $100,000 reached $124.26 billion, and net exchange outflows of -$583 million suggest decreased selling pressure.

According to the analyst's forecast, Bitcoin is currently in the expansion phase of a Power-of-3 pattern, which may extend through Q3 2025. This phase began after accumulation and manipulation phases seen earlier in the year. Analysts expect Bitcoin to reach between $135,000 and $140,000 before the end of the quarter.