Bitcoin surged past a new all-time high of $120,000 on July 14, extending its July rally to a 13% gain and marking its third consecutive green monthly close. The momentum has been largely driven by institutional inflows, led by BlackRock’s spot Bitcoin ETF (IBIT), which hit a record $83 billion in AUM—tripling within just 200 trading days, a feat that took the gold ETF (GLD) over 15 years. IBIT now holds over 700,000 BTC, outpacing its peers by nearly 100,000 BTC. Simultaneously, accumulation wallets—those with consistent BTC inflows and minimal outflows—have intensified their buying, signaling renewed confidence from long-term holders.
At the time of writing, BTC was trading at $120,744.
BTC, after taking support at the key level of $73,500, surged almost 50% to $111,980. Following this move, the asset entered a consolidation phase, trading within a range of $100,000 to $110,000 with low volumes. BTC eventually broke out above this range and rallied to $121,492, forming a ‘Higher High Higher Low’ pattern. The asset has strong support at $110,000 and $100,000.
Also read: Bitcoin Rallies Past $120K to Hit Record High
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $100,000 | $110,000 | BTC | $110,000 | $125,000 |
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