Bitcoin has shattered yet another psychological barrier, breaching $119,000 on July 13, 2025, with a theatrical flourish that saw the cryptocurrency briefly kiss $120,000 before settling into what traders are now calling a “bullish trend line” with support at $119,000—a phrase that would have sounded like science fiction to anyone holding Bitcoin through its sub-$20,000 doldrums just years ago.
Bitcoin’s theatrical ascent to $120,000 would have seemed like science fiction during its sub-$20,000 doldrums just years ago.
The surge triggered a cascade of short liquidations exceeding $20 million in a single trading hour, contributing to $208 million in total 24-hour liquidations that affected approximately 95,000 traders. One particularly unfortunate soul watched a $1.49 million BTCUSDT short position on Bybit evaporate, presumably while the rest of the market celebrated yet another “number go up” milestone.
Institutional demand continues driving this seven-week rally, with corporate treasuries purchasing over $554 million in Bitcoin within a single week. The mathematics here border on the absurd: Bitcoin’s fixed supply produces merely 450 newly mined coins daily, while spot ETFs alone gobbled up 10,000 Bitcoins in one day.
This supply-demand imbalance has created what the Director of Investments at Bitwise diplomatically describes as demand “exceeding Bitcoin’s limited daily supply”—a masterpiece of financial understatement. Contributing to this scarcity dynamic, declining reserves across cryptocurrency exchanges have been noted, further tightening the available supply pool.
ETF inflows totaled $1.18 billion over the past week, with regional variations revealing fascinating geographic appetites. While US-based Bitcoin ETFs posted respectable 2.9% monthly gains, Vietnam and Israel led with returns of 14.26% and 11.98% respectively, suggesting either superior market timing or different risk tolerances altogether.
Technical analysts now eye the $122,000 resistance level, with clearing this threshold potentially opening pathways to $135,000-$140,000 ranges. Should Bitcoin face rejection at these heights, traders anticipate retesting the $114,000-$115,000 range before resuming upward momentum. The hourly MACD indicator is gaining pace in the bullish zone, reinforcing the positive momentum despite the substantial price levels already achieved. The latest halving event reduced mining rewards to 3.25 BTC in April 2024, further reinforcing the scarcity narrative driving current price dynamics.
The cryptocurrency’s evolution from digital curiosity to institutional store of value amid global economic uncertainty represents perhaps the most remarkable financial narrative of the decade.
Whether this seven-week rally fundamentally breaks traditional financial norms or merely extends an already extraordinary market cycle remains the question dominating conversations from corporate boardrooms to retail trading forums worldwide.
