Bitcoin Soars Past $118K, Eyes $131K Breakout Amid Bullish Momentum
Crypto 10 days ago
Bitcoin has surged past $118,000, reigniting bullish sentiment as traders eye a potential breakout toward $131,000. The rally is supported by strong institutional demand, with companies holding over 628,000 BTC, and record inflows into spot Bitcoin ETFs. Technical indicators suggest further upside, with the RSI at 63 and key support levels holding firm.
Regulatory developments, including Texas’ Bitcoin reserve legislation and federal bills clarifying crypto rules, add to the positive momentum. The 2025 halving event looms as a key catalyst, historically driving price increases by reducing new supply. Analysts highlight a ’volume shelf’ between $116K-$118K as a potential launchpad for the next rally.
Market sentiment remains optimistic, with the Fear & Greed Index at 67. While short-term volatility may persist, Bitcoin’s consolidation above $118K signals strength. Institutional adoption, ETF growth, and the halving narrative position BTC for a historic bull run, with new all-time highs possible by late August.