Bitcoin surged to a new all-time high of $119,000 on July 13, climbing 1% in 24 hours amid renewed institutional interest, technical confirmation, and short squeeze dynamics.
The move pushes the digital asset deeper into price discovery, fueled by both on-chain and market-driven catalysts.
Strategy and Saylor spark buying speculation
The key catalyst was a July 13 post from MicroStrategy founder Michael Saylor, which hinted at a resumption of corporate Bitcoin accumulation. While not officially confirmed, the post included a Bitcoin chart labeled “Strategy,” reigniting speculation that the firm will soon resume BTC purchases after a 12-week pause. Historically, MSTR stock rallies—like the 8% surge this week—have front-run large Bitcoin buys by the company.
Technical breakout confirms bullish trend
Bitcoin’s price decisively cleared the $118K resistance, breaking above its 7-day simple moving average ($112,678) and the key Fibonacci 23.6% retracement level at $114,001. Momentum indicators support the breakout:
- RSI-14 reached 72.79, indicating strength but not extreme overbought conditions.
- MACD histogram rose to +1,027, signaling accelerating bullish divergence.
- If $118K holds, the next technical target sits at $124,451, the 127.2% Fibonacci extension level.
Market dynamics: Shorts wiped out, ETFs pouring in
The rally was amplified by market mechanics, with $3.66 million in BTC short positions liquidated in the past 24 hours compared to just $197,000 in longs, according to U.Today. This imbalance forced bears to cover, adding upside fuel.
Supporting flows remain robust:
- Spot BTC ETFs absorbed $1.18 billion in weekly inflows.
- Unconfirmed reports suggest $554 million in BTC buys by private and corporate treasuries.
- On-chain data shows exchange reserves at decade lows, with just 1.25% of supply available on trading platforms.
Bitcoin’s new milestone reinforces the broader bullish cycle underway. With ETF flows strong, institutional interest growing, and technicals aligned, the crypto market appears poised for further price discovery.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/bitcoin-hits-new-all-time-high-above-119000/