Bitcoin Hits a New All-time High of $118.9k: Can BTC Reach $120k Now?

Key insights

• Bitcoin hits a new all-time high of $118,936 as bulls eye $150k

• Bitcoin whales drive the rally, with exchange netflow hitting recent lows

Bitcoin Hit a new all-time high of $118,936

Bitcoin just set a new all-time high of $118,936, reigniting excitement across the crypto space. But one question dominates. Can BTC push through to $120,000?. 

The rally has captured headlines, driven by a mix of whale activity, steady accumulation, and surprisingly calm short-term holders. 

Binance Whale Steps In, Breaks Coinbase Dominance

For much of 2024, Coinbase whales led the charge on BTC price action. That changed today. The most recent surge was led by a major whale on Binance, who appeared just as BTC crossed its previous all-time high, according to Cryptoquant. 

Graph depicting the Bitcoin price trend and Coinbase Premium Gap, illustrating a significant fluctuation around 21:00, where the premium gap drops sharply into negative territory before stabilizing.

This shift in leadership could signal a broader international appetite for higher BTC prices. The whale’s move came exactly as BTC was testing resistance. This suggests not just interest, but possibly intentional price targeting by large players.

Read Also: 80k BTC moves after 14 years of dormancy

Exchange Netflows Signal Long-Term Confidence

At the same time, netflows across exchanges dropped by 3,700 BTC. That’s a lot of Bitcoin leaving platforms.  When BTC leaves exchanges, it usually means holders are moving coins into cold wallets for long-term storage. It’s a strong signal of the holder's conviction.

Bitcoin exchange netflow shows fluctuating movement in early July, with a significant outflow spike on July 7. Despite these netflow variations, the overall Bitcoin price trend remains upward, reaching $116K by July 11.

So while price hits new highs, selling pressure hasn’t surged. Instead, investors appear to be holding, not flipping. This adds support beneath the market and reduces the chance of a fast reversal.

Short-Term Holders Are Not Taking Profits — Yet

According to Cryptoquant, metrics like STH SOPR (Spent Output Profit Ratio), short-term holders haven’t started aggressively taking profits. The average buy-in price for short-term holders (holding <155 days) is around $100,000. At current prices, they’re up about 18%.

Bitcoin market chart illustrating phases of accumulation and distribution, highlighting key zones for buying and taking profit, with indicators showing historical trends and SOPR metrics.

That might seem like enough to sell, but SOPR data shows most are still holding. This suggests that the market is still in a “cool” phase emotionally. Holders don’t feel euphoric, and most aren’t rushing for exits.

Derivatives Market Still Not Overheated

In many previous bull cycles, BTC rallies were followed by massive leverage spikes. That’s not the case right now. Yes, Open Interest is rising. But funding rates remain neutral to slightly positive. That means traders aren’t using extreme leverage.

Bitcoin's open interest shows significant growth, reaching 41.3 billion USD by mid-July, as the price also trends upwards to 117.8K USD, indicating increased market activity across exchanges.

In other words, people aren’t betting the farm yet. There’s room for more euphoria to build before the market overheats. This setup, rising prices, and calm traders are unusual and bullish. It shows this rally isn’t just hype. 

Bitcoin Funding Rates and Price Trends: The chart illustrates the correlation between funding rates and Bitcoin's price across all exchanges from 2023 to 2025, showing a significant price increase to $117.4K despite fluctuations in funding rates.

Can Bitcoin Hit $120,000?

With all of this in play, Bitcoin has real potential to break $120,000 soon. Price is pushing toward resistance, but momentum is still building. Whales are active. Holders are patient. Traders are cautious but engaged.

A continuation of these market conditions will see BTC not only hit $120k but surpass it and target $150k. However, a surprise macro event or regulatory headline could trigger a reversal. But barring that, $120K is in sight.

If the current trend continues, we could witness another breakout possibly within days.