For the first time, Bitcoin crossed $118,500. The reason behind this is investor demand and short position liquidations. On July 11, Bitcoin reached its new all-time high price.
We all know that crypto is a risky market and people constantly invest millions of dollars in this risky market, which has led to Bitcoin’s rise. You might be surprised to know that currently, the world’s biggest market is the crypto market. Its market capitalization is $3.68 trillion and the 24-hour trading volume is $250.16 billion.
Many traders are taking this opportunity and trading fast, hoping for good returns. As a result, the Fear and Greed Index has reached 69%, which is giving new hope to everyone in the crypto market.
In the past few weeks, Bitcoin was stuck in a narrow range, making investors raise many questions and doubts. Many wondered if it could really create a new all-time high. But on July 11, Bitcoin created a new daily higher high, which indicates the end of the downtrend that started in May.
Be careful trading
Today, on July 11, while writing this article, Bitcoin is trading around $118,500, which shows a gain of more than 6.30% in the past 24 hours. Although there is a lot of positive sentiment in the crypto market right now, analysts are warning to be careful about overheating.
Some people even expressed that Bitcoin could reach $150,000.
Milk Road co-founder Kyle Reidhead shared this bullish momentum on X, saying, See you at $150k. Behind his comment was an analysis of a bullish cup-and-handle pattern on the weekly chart, which he believes can take Bitcoin to $150,000 in a few months.
However, it is important to mention that some Bitcoin wallets, inactive for the last 6–10 years, have recently become active.If we observe history, such big movements are often related to major market changes.
So analysts advise moving forward carefully. Also, last Tuesday, Santiment shared some analytical data mentioning that investor sentiment toward Bitcoin has reached the highest level in three weeks.
However, Santiment analyst Brian Quinlivan said that similar excessive optimism on June 11 and July 7 led to price drops. Traders must trade very carefully at this moment.
Conclusion
Bitcoin is the mother coin of the crypto market. When its price goes up, it creates a positive vibe in the total market. Along with this, the prices of other coins also rise. However, since the crypto market is very volatile, one should not invest in excitement and should consider possible risks before investing.
