Bitcoin Surges 4% to Hit $116K — Is $120K Just Around the Corner?

Jakarta, Pintu News – After surpassing May’s all-time record high around $118,000 on Wednesday, Bitcoin price rallied again and set a new record high above $113,700 on Thursday, during the mid-North American trading session.

This major crypto asset is now entering a price discovery phase, which could drive further bullish momentum in the days or even weeks ahead.

While no single event was the main trigger, the movement was driven by institutional interest, especially from spot ETFs. Momentum indicators also played a role in pushing the price up.

This breakout shows that the trend is finally under the control of buyers, despite certain technical and macroeconomic confusion.

Bitcoin Price Up 4.10% in 24 Hours

On July 11, 2025, Bitcoin was trading at $116,491, equivalent to IDR 1,876,423,222 — marking a 4.10% gain over the past 24 hours. Within this timeframe, BTC dipped to a low of IDR 1,792,217,764 and climbed to a high of IDR 1,889,393,619.

According to CoinMarketCap, Bitcoin’s market capitalization now stands at around $2.31 trillion, with trading volume in the last 24 hours rising 67% to $101.28 billion.

Read also: These 3 Memecoins Explode After Bitcoin Breaks $112,000!

Bitcoin’s Recovery Opens Up Opportunities for New Records

According to TronWeekly (10/7), Bitcoin has been stagnant in the range between $105,000 and $109,000 for several days. Investors are waiting for a catalyst.

Although there were no major events that significantly triggered the price spike, whale action and fund inflows into ETFs confirmed market confidence. The market gathered enough momentum that a breakout above $110,000 occurred late Wednesday night.

The next resistance that traders are concerned about is at the level of $112,568. If Bitcoin manages to break this level, the possibility of a further increase towards the range of $115,800 or even $121,000 could occur.

However, if the price fails to rise further, there is a possibility of a short correction to the support area between $109,300 and $108,800.

Prices briefly recovered above the $107,300 level, indicating strong buying interest at low price levels. This bounce formed the basis for the next big spike.

Currently, the price is below the moving averages of 50, 100, and 200. This helps support the uptrend and provides a protective cushion if the price declines.

This moving average level can also serve as support. The 50 EMA is around $108.800 and could potentially hold the decline. The next important level to watch is $106,700 if prices continue to fall.

Read also: 3 Made in China Crypto that Stand Out and Steal the Attention of Investors Right Now!

At these points, buyers are expected to re-enter the market.

BTC Aims for $120,000 as Momentum Increases

Technical analysis shows that Bitcoin has crossed the important Fibonacci levels of 0.786 and 1.0. This makes the next big target for traders at $112,568.

If the coin continues its rise, it could gain more momentum and challenge the short-term value of $120,000.

Market activity also increased. Data collected by Coinglass shows that trading volume rose by 78.67%, currently standing at $98.55 billion.

Open interest also grew by 8.19% to $79.46 billion. This shows that more and more traders are coming into the market with strong positions.

BTC’s open interest-weighted funding rate stands at 0.0013%. This value is relatively low, which indicates a stable sentiment.

While the market may be volatile in the short term, the medium to long-term outlook remains bullish. Bitcoin is aiming for new records, and this is a major concern for traders and investors.

This new rally has prompted a surge of positive sentiment in the crypto market. Bitcoin seems to be in an uptrend with strong institutional support and key support levels remaining stable.

Macroeconomic factors stabilization aside, the path to $120,000 is becoming clearer in the coming weeks.

That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• TronWeekly. Bitcoin (BTC) Soars Past $112,000: Is $120,000 the Next Stop in July? Accessed on July 11, 2025