Bitcoin Surges 6% to $118,001, Surpassing Amazon as Fifth Largest Asset

Bitcoin has once again surpassed Amazon to become the fifth largest asset in the world by market capitalization, with its price reaching a new all-time high of $118,869 on Friday. This milestone places Bitcoin ahead of Amazon, which has a market capitalization of $2.359 trillion, making it the fifth largest asset globally. Bitcoin's market capitalization reached $2.36 trillion on Friday, surpassing Amazon's market capitalization.

Traders and analysts are optimistic about the continued bullish momentum, predicting that Bitcoin's price could reach at least $135,000 this year. Options traders have set $120,000 as the price target for July, driven by institutional buying and the technical strength observed in Bitcoin's chart. The technical indicators support the potential for further upside momentum.

Notably, the open interest on the largest crypto derivatives exchange, Deribit, has become concentrated around Bitcoin call options with strike prices of $115,000 and $120,000. This concentration indicates a strong bullish sentiment among options traders. Additionally, the monthly options expiry in September and December has recorded elevated open interest at $140,000 and $150,000, respectively. The recent rally has triggered a major unwinding of over $1.1 billion in short positions, as per Coinglass.

On July 11, 37,000 BTC options with a notional value of $4.35 billion expired on Deribit. The max pain price was at $108,000, significantly lower than the market price of Bitcoin at the time. The put-call ratio was 1.07, indicating bearish sentiment among traders. However, the call volume has doubled the put volume in the last 24 hours, with a put-call ratio of 0.53. This shift suggests a growing bullish sentiment in the market.

Analysts such as Peter Brandt and Markus Thielen have given a Bitcoin price target of $135,000 after a bull flag pattern breakout in the daily Bitcoin chart. This bullish pattern confirms the potential for a parabolic rally in Bitcoin's price. Meanwhile, analysts Rekt Capital and Willy Woo have predicted that the Bitcoin bull market peak will occur in September or October, based on historical cycle analysis. Previous cycles showed that Bitcoin peaked 518-550 days after halving events, suggesting that there are 2-3 months remaining before a potential top formation. This fear of missing out (FOMO) has become one of the factors driving the latest sudden rally in Bitcoin's price.

Bitcoin's price surged more than 6% in the past 24 hours, with the price trading at $118,001 at the time of writing. The 24-hour low and high were $110,660 and $118,856, respectively. Analysts are optimistic about further upside but also expect some profit booking. CoinGlass data indicates massive buying activity in the derivatives market, with the total Bitcoin futures open interest jumping by 6% to $84.76 billion in the last 24 hours. This signals bullish sentiment among derivatives traders, with futures hitting a new all-time high.