Bitcoin Surges 6.4% to New All-Time High of $118,000

Bitcoin has reached a new all-time high, surpassing $118,000 per coin. This significant milestone was driven by a combination of factors, including sustained accumulation, declining supply on exchanges, and bullish momentum forming above key resistance levels. The favorable policies in the United States, such as the move towards a national reserve of Bitcoin, have also contributed to this rally. Additionally, macroeconomic changes, including a weakening dollar and expectations of lower interest rates, have strengthened Bitcoin’s appeal as a hedge, opening up opportunities for further gains.

The price of Bitcoin hit $118,000 on July 11, 2025, recording a daily increase of 6.4% in the last 24 hours. Over the past 24 hours, the price of BTC moved between $110,768 and $118,667, showing high volatility synonymous with strong bullish momentum. Bitcoin’s market capitalization has now reached $2.35 trillion, with a fully diluted valuation at the same figure.

One of the key drivers behind Bitcoin’s price boom has been the surge in interest from institutions. In recent weeks, spot Bitcoin ETFs recorded net inflows worth billions of dollars, reflecting strong demand from both retail and professional investors. Asset managers such as BlackRock, Fidelity, and VanEck have become dominant players in the market, adding legitimacy and encouraging capital flows into BTC. This not only absorbs existing supply but also reduces the amount of Bitcoin in circulation, creating a bullish supply-demand imbalance.

On-chain data shows a consistent outflow of Bitcoin from exchanges, signaling that more and more asset holders are moving their Bitcoin to cold storage instead of keeping it available for trading. This pattern is in line with the long-term accumulation phase seen in previous bull runs. As the ETF narrative develops and institutional FOMO emerges, Bitcoin’s role as a digital store of value is strengthening, contributing to the sustained price rise.

Global macroeconomic conditions also play an important role in Bitcoin’s surge. When central banks, particularly the Federal Reserve, signal a possible interest rate cut, investor interest in alternative assets like Bitcoin increases sharply. The weakening US dollar and growing concerns over long-term inflation make BTC an attractive hedge. At the same time, technical price movements confirmed a strong and bullish market structure, with Bitcoin consistently breaking key resistance levels, triggering the liquidation of leveraged short positions.

Despite the record-breaking price levels, the market hasn’t entered the extreme greed or euphoria zone yet. This is evident from the Long-Term Holder Net Unrealized Profit and Loss (NUPL) remaining at just 0.69, well below the typical “euphoria” zone of 0.75 and above. This indicator tracks how much profit long-term holders (those holding BTC for 155+ days) are sitting on and whether they are starting to cash out en masse. A high NUPL value often signals that long-term investors are realizing gains, a behavior common during the later stages of bull markets.

To put it in perspective, this cycle has seen only around 30 days above the 0.75 NUPL level, compared to 228 days in the previous bull cycle. This suggests that despite the record-breaking price levels, the market hasn’t entered the extreme greed or euphoria zone yet. This relatively low NUPL reading could mean a few things: long-term holders are confident and are not rushing to sell, the current rally may still have room to grow before peaking, and market sentiment remains cautiously optimistic rather than irrationally exuberant.

The restrained NUPL level signals that this bull run might not be near its top just yet. Unlike in previous cycles, where euphoria lasted for months, this cycle appears more controlled, potentially due to stronger institutional involvement and improved investor maturity. With NUPL still below euphoric levels, Bitcoin could continue climbing before facing major sell pressure. For traders and investors, this presents an opportunity—but also a reminder that market tops are more than just price levels—they’re psychological peaks too.

This lack of euphoria could be attributed to the growing maturity of the market, where investors are more focused on long-term value and stability rather than short-term gains. The RSI indicator has yet to enter the overbought zone, which suggests that the token still has bullish potential. Therefore, a rise above the current range could potentially push the price to around $130,000, which could be a new record high in this bull run. Overall, the latest data shows that over $300 million of short positions have been liquidated in just one day, strengthening the pace of the rally. In addition, the psychological impact of the price’s return to previous highs has reawakened the enthusiasm of retail investors, attracting new participants to the market.

The combination of favorable macro conditions and internal market dynamics suggests that this move is not merely speculative but could be the foundation of a broader, sustainable bull cycle. Despite the exuberance in the price, the data is less exciting. The euphoria typically associated with such price surges is notably absent, indicating a more cautious and strategic approach from investors. This lack of euphoria could be attributed to the growing maturity of the market, where investors are more focused on long-term value and stability rather than short-term gains.