By , |Edited by
Updated Jul 12, 2025, 4:49 p.m. Published Jul 12, 2025, 1:05 p.m.
- Bitcoin reached a new all-time high above $118,800.00 during the mid-London session on Friday, triggering over $1.20 billion in crypto liquidations, with shorts accounting for more than $1.00 billion.
- Major corporations continue expanding bitcoin treasuries.
- On Thursday, BlackRock’s IBIT became the fastest ETF in U.S. history to reach $80 billion in assets under management, reaching that mark in just 374 days.
At the time of writing, bitcoin
is hovering around the $118,000 level, flirting with the idea of setting a new all-time high this weekend.
On Friday, Bloomberg Senior ETF Analyst Eric Balchunas on X that BlackRock’s spot Bitcoin ETF (IBIT) had reached an important milestone at the close of trading on the previous day, becoming the fastest ETF to reach $80 billion in assets under management (AUM). The second fastest ETF to achieve this level was Vanguard’s S&P 500 ETF (VOO), which reached it in 1,814 days.
STORY CONTINUES BELOW
This was the same day on which we saw bitcoin set a new all-time high of $118,667.
During interviews with and e, Bitwise Asset Management CIO Matt Hougan said his firm expects the BTC price to reach over $200,000 by the end of this year.
As for how high bitcoin could go, hedge fund manager James Lavish that the bitcoin price is similar to the U.S. debt ceiling in that, ultimately, there is no limit.
Technical Analysis
- Bitcoin displayed a consolidation pattern throughout the 23-hour timeframe from July 11 11:00 to July 12 10:00 UTC, operating within a comprehensive range of $1,633.46, representing 1% from the peak of $118,226.29 to the trough of $116,592.83, according to CoinDesk Research’s technical analysis model.
- The most significant price movements occurred during the initial hours, particularly around 13:00 and 15:00 UTC on July 11, when elevated volume above the 24-hour average of 7,291 accompanied pronounced intraday swings, forming key support near $116,726.00 and resistance around $118,226.00.
- Following this early turbulence, BTC demonstrated exceptional stability with decreasing volume, consolidating mainly between $117,400.00-$117,900.00, before exhibiting renewed strength in the final hours with a recovery toward $118,025.00, suggesting potential bullish momentum developing for the subsequent trading session.
- Throughout the final 60 minutes from July 12 09:57 to 10:56 UTC, Bitcoin encountered heightened volatility with a notable downward movement from $118,121.16 to a low of $117,835.74 at 10:14, followed by a strong rebound that established the $118,000.00-$118,070.00 range as a new consolidation zone.
- The period displayed classic support and resistance dynamics, with volume spikes of 392.48 and 382.49 during the 10:12-10:14 selloff confirming institutional participation, while the subsequent recovery above $118,035.00 on diminishing volume suggests underlying strength and potential for continued upward momentum.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to . For more information, see .
Siamak Masnavi is a researcher specializing in blockchain technology, cryptocurrency regulations, and macroeconomic trends shaping the crypto market. He holds a PhD in computer science from the University of London and began his career in software development, including four years in the banking industry in the City of London and Zurich. In April 2018, Siamak transitioned to writing about cryptocurrency news, focusing on journalism until January 2025, when he shifted exclusively to research on the aforementioned topics.
CoinDesk Analytics is CoinDesk’s AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk’s editorial team before publication. The tool synthesizes market data and information from and other sources to create timely market reports, with all external sources clearly attributed within each article.
CoinDesk Analytics operates under CoinDesk’s AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk’s approach to AI-generated content in our .
Top Stories
