Bitcoin Nears New ATH: BlackRock's ETF Milestone & Market Analysis
Bitcoin's Ascent and BlackRock's ETF Success
Bitcoin (BTC) is trading near $118,000, potentially setting a new all-time high. This surge follows BlackRock's spot Bitcoin ETF (IBIT) reaching $80 billion in assets under management (AUM) in record time—faster than any other ETF. Bloomberg Senior ETF Analyst Eric Balchunas highlighted this significant milestone.
Price Predictions and Market Sentiment
The new all-time high of $118,667 coincided with positive predictions from industry experts. Matt Hougan, CIO of Bitwise Asset Management, expects BTC to exceed $200,000 by year's end. Another expert believes the price is limitless, comparing its potential to the US debt ceiling.
Technical Analysis of Bitcoin's Recent Consolidation
- Consolidation Pattern (July 11-12 UTC): Bitcoin showed a tight trading range of $1,633.46 (1% of its price), demonstrating stability.
- Early Volatility: Significant price swings around 13:00 and 15:00 UTC on July 11, with high volume, established key support and resistance levels.
- Mid-Range Stability: Bitcoin consolidated between $117,400.00 and $117,900.00 with decreasing volume.
- Late-Day Strength: A final price recovery towards $118,025.00 suggests bullish momentum.
- Final Hour Volatility and Recovery: A significant dip followed by a strong rebound established a new consolidation zone of $118,000.00-$118,070.00, indicating potential institutional involvement.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy.
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